北美精算师(SOA)考试 FM 2001 May 年真题

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1、COURSE2MAY20011.Whichofthefollowingstatementsisanimplicationofthesemi-strongformoftheEfficientMarketHypothesis?(A)Marketpricereflectsallinformation.(B)Pricesslowlyadjustovertimetoincorporatepastinformation.(C)Pastpricedatashouldhavepredictivepowerforstockreturns.(D)Activelym

2、anagedportfolioscannotconsistentlyoutperformthemarket.(E)Thecorrectanswerisnotgivenby(A),(B),(C),or(D).May20015Course22.Thefreeriderproblemisconsideredamajorreasonthatpublicgoodsareprovidedbythegovernmentratherthanbytheprivatemarket.Whichofthefollowingexplainswhythefreerider

3、problemoccurs?(A)Itisimpossibletoexcludenon-payingconsumers,whichmakesitdifficultforprivatefirmstocollectsufficientrevenue.(B)Theuseofthesegoodsbyanadditionalconsumerimposesextrasocialcostsoneveryoneelse.(C)Therearesomeconsumerswhoplacenovalueonpublicgoodsandthusarenotwillin

4、gtopayapositiveprice.(D)Thesegoodsaretooexpensivetobeprovidedbytheprivatemarketplace.(E)Thelong-runmarginalcostofthesegoodsliesbelowthelong-runaveragecost.Course26Form01A3.Supposetheeconomyisenteringthecontractionaryphaseofabusinesscycle.Whichofthefollowingisanindicatorofthi

5、sdownturnineconomicactivity?(A)Adecreaseintheunemploymentrate(B)Anincreaseinthenumberofnewbuildingpermitsforprivatehousingunits(C)Anincreaseinstockprices(D)Anincreaseindeliverylags(E)AnincreaseinbusinessinventoriesMay20017Course24.A20-yearloanof20,000mayberepaidunderthefollo

6、wingtwomethods:i)amortizationmethodwithequalannualpaymentsatanannualeffectiverateof6.5%ii)sinkingfundmethodinwhichthelenderreceivesanannualeffectiverateof8%andthesinkingfundearnsanannualeffectiverateofjBothmethodsrequireapaymentofXtobemadeattheendofeachyearfor20years.Calcula

7、tej.(A)j£6.5%(B)6.5%12.0%Course28Form01A5.Aperpetuity-immediatepaysXperyear.Brianreceivesthefirstnpayments,Colleenreceivesthenextnpayments,andJeffreceivestheremainingpayments.Brian'sshareofthepresentvalueoftheoriginalperpetuityis40%

8、,andJeff'sshareisK.CalculateK.(A)24%(B)28%(C)32%(D)36%(E)40%May20019Course2