CFA经济学用案列分析一下考点知识中的两个重点！

接着上篇CFA经济学知识考点，接下来我们说一下影响LM曲线平移的因素和充分就业时的产出水平，我们就以案例为例讲一下知识点！
  CFA考点四：影响LM曲线平移的因素
An increase in the price level would shift the
A IS curve.
B LM curve.
C aggregate demand curve.
B is correct. The LM curve represents combinations of income and the interest rate at which the demand for real money balances equals the supply. For a given nominal money supply, an increase in the price level implies a decrease in the real money supply. To decrease the demand for real money balances, either the interest must increase or income must decrease. Therefore, at each level of the interest rate, income (= expenditure) must decrease—a leftward shift of the LM curve.
解题思路：影响LM的平移的因素就是比实际货币供给。实际货币供给=名义货币供给/物价水平。因此，物价水平的改变可以影响LM曲线的平移。

易错点分析：这道题有些同学选择了C选项。C选项中提及的总需求AD曲线，它的横坐标就是物价水平P，因此，物价水平的变动只会引起曲线上的点沿着曲线移动，而非曲线的平移。
此外还需注意到，一国总产出可以表示为Y=C+I+G+(X-M)，等式右边*项消费C和总产出Y有关，第二项投资I和利率水平r有关。那么剩下来的两项政府支出G以及净出口(X-M)便是影响IS曲线平移的因素，和物价水平没有关系。

  CFA考点五：充分就业时的产出水平

The full employment, or natural, level of output is best described as:

A the maximum level obtainable with existing resources.

B the level at which all available workers have jobs consistent with their skills.

C a level with a modest, stable pool of unemployed workers transitioning to new jobs.

C is correct. At the full employment, or natural, level of output the economy is operating at an efficient and unconstrained level of production. Companies have enough spare capacity to avoid bottlenecks, and there is a modest, stable pool of unemployed workers (job seekers equal job vacancies) looking for and transitioning into new jobs.

解题思路：充分就业时仍然会存在一部分失业，但是这部分失业是稳定温和的，并且这些失业工人可以通过培训实现再就业。

易错点分析：这道题会有不少CFA报名考生误选了A选项。A选项暗含了利用所有劳动力的意思，但是我们说充分就业的情况下，依然存在结构性失业以及摩擦性失业。所以相比较C选项，A选项的说法不够准确。