學習學的如何？知識點學習累了，跟著融躍CFA一起做一下CFA一級考試題，檢測一下自己的學習成果，遇到問題我們一起解決！

An analyst does research about the dividend discount model (DDM).All else being equal, the earnings multiplier for a stock decreases with an increase in the:【單選題】

A.expected dividend growth rate.

B.expected dividend payout ratio.

C.estimated required rate of return on equity.

正確答案:C

答案解析:P/E = payout ratio/(k-g)，所以當預期的股利增長率或者預期的股利發放比率增加時，P/E比率都會上升，而如果估計的必要回報率增加的話，P/E比率則會下降。

An analyst does research about trade restriction.A primary reason for a country to adopt restrictions on international trade is that restrictions typically:【單選題】

A.improve short-run economic efficiency.

B.benefit consumers at the expense of producers.

C.provide concentrated benefits to a small group of people.

正確答案:C

答案解析:限制國際貿易并不能促進短期的經濟有效性，而是有利于生產廠商，并且會犧牲消費者的利益。但是，限制國際貿易為一小部分人提供了利益，如本地的生產廠商受到國外產品的競爭會減少，從而能夠獲得更多的利潤。

CFA考試題的練習是相當重要的，考生如果沒有掌握知識點做題會有理解偏差的，這邊有CFA備考課程和題庫有需要可以在線咨詢或者添加老師微信。