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1、SOCIETY OF ACTUARIESEconomics, Finance, and Interest Theory 2Thursday, May 25, 2000CASUALTY ACTUARIAL SOCIETYDIRECTIONS1. DO NOT BREAK THE SEAL OF THE BOOKLET UNTIL THE SUPERVISOR TELLS YOU TO DO SO.2. This test consists of 55 multiple-choice test questions. You will have a total of 240 minutes in w
2、hich to answer them and record your answers on the answer sheet. NO ADDITIONAL TIME WILL BE ALLOWED FOR CODING YOUR ANSWER SHEET. Failure to stop writing or coding your answer sheet after time is called will result in the disqualification of your answer sheet and possible further disciplinary action
3、.3. There are five answer choices for each question, lettered (A) through (E). Answer choices for some questions have been rounded. For each question, choose the best answer. On your answer sheet, find the row of circles with the same number as the question. Then find the circle in that row with the
4、 same letter as your answer. Use a soft lead pencil and blacken the circle completely. INDICATE ALL YOUR ANSWERS ON THE ANSWER SHEET. No credit will be given for anything written in the booklet.ExampleCalculate the value of x in the equation x + 6 = 3 .(A)9 (B)3 (C)2 (D) 3 (E) 9Sample Answer4. Answe
5、r sheets are mechanically scored. BE SURE THAT EACH MARK IS BLACK AND COMPLETELY FILLS ONLY THE INTENDED ANSWER CIRCLE. Make no stray marks on the answer sheet. Choose only one answer for each question. If you change an answer, erase your first mark completely and mark your new choice.5. Use the bla
6、nk portions of booklet pages for your scratch work. You are not permitted to use extra scratch paper.6. Do not spend too much time on any question. If a question seems too difficult, go on to the next question. You may return to unanswered questions if you finish before time is called.7. Your score
7、will be based on the number of questions that you answer correctly, with each question having equal weight. There will be no deduction for wrong answers. It is therefore to your advantage to answer every question.8. After time is called, the supervisor will collect the booklet and your answer sheet
8、separately. DO NOT ENCLOSE THE ANSWER SHEET IN THE BOOKLET. All booklets and answer sheets must be returned. THE QUESTIONS ARE CONFIDENTIAL AND MAY NOT BE TAKEN FROM THE EXAMINATION ROOM.2000 by the Society of Actuaries and the Casualty Actuarial Society. All rights reserved.Society of Actuaries475
9、N. Martingale Road, Suite 800Schaumburg, IL 60173-2226Course 22May 20001.Joe deposits 10 today and another 30 in five years into a fund paying simple interest of11% per year.Tina will make the same two deposits, but the 10 will be deposited n years from todayand the 30 will be deposited 2n years fro
10、m today. Tinas deposits earn an annualeffective rate of 9.15% .At the end of 10 years, the accumulated amount of Tinas deposits equals theaccumulated amount of Joes deposits.Calculate n .(A)2.0(B)2.3(C)2.6(D)2.9(E)3.2May 20003Course 22.A tax cut of 100 billion is proposed. The savings rate is a cons
11、tant 6% of income.Calculate how much additional spending would be generated (in billions).(A)94(B)100(C)106(D)1567(E)1667Course 24May 20003.The demand for books purchased from Internet booksellers is perfectly elastic.The Federal government institutes a sales tax on books purchased in this manner.Wh
12、ich of the following will result?(A)The equilibrium quantity and equilibrium price will both decline. The sellersand the buyers will each pay a portion of the tax.(B)The equilibrium quantity will decline, while the equilibrium price will rise.The sellers pay the tax.(C)The equilibrium quantity will
13、decline, while the equilibrium price will notbe affected. The sellers pay the tax.(D)The equilibrium quantity will not be affected, while the equilibrium pricewill rise. The buyers pay the tax.(E)The equilibrium quantity will decline, while the equilibrium price will rise.The buyers pay the tax.May
14、20005Course 24.The Capital Asset Pricing Model is assumed to hold.A share of a firms stock is expected to have a value of 40 one year from now.No dividends are paid and the beta coefficient is less than 1.0 .The market conditions are such that the rate of return on the market is 13% andthe risk-free
15、 asset rate of return is 5%.Which of the following is/are true?I.The current price of the stock is at least 35.40 .II.If beta increases, the current price of the stock increases.III.If the risk-free asset rate of return increases, the current priceof the stock decreases.(A)II only(B)I and II only(C)
16、I and III only(D)II and III only(E)I, II, and IIICourse 26May 20005.One of the fundamental national accounting relationships isGDP = C + I + G + (X M)where each term has the following definition, along with its 1999 value:GDP= gross domestic product C= personal consumption= 47 I= private investment= 11 G= government spending= 13 X= exports= 7 M= imports= 10Over the next 5 years, the following nominal growth rates are expected:C 4.0% per year, compounded semi-a
