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on 29-Jul-2015 (Wed)

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Flashcard 149651477

Tags
#asset-swap #finance #gale-using-and-tradning-asset-swaps
Question
What's the relation between par-par asset swap spread and MVA asset swap spread? Which is smaller (if the bond is at premium) and why? Give the formula.
Answer
\(S_{MVA}=S_{par/par}\frac{100}{P}\)

MVA is smaller because it has smaller collateral requirements (smaller present value of the "loan").

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The incidence of a tax is allocation of this tax between buyers and sellers.
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Flashcard 150900687

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The [...] is allocation of this tax between buyers and sellers.
Answer
incidence of a tax

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The incidence of a tax is allocation of this tax between buyers and sellers.

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Flashcard 150900693

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The incidence of a tax is [...].
Answer
allocation of this tax between buyers and sellers

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The incidence of a tax is allocation of this tax between buyers and sellers.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Statutory incidence refers to who is legally responsible for paying the tax.
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Flashcard 150900703

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
[...] incidence refers to who is legally responsible for paying the tax.
Answer
Statutory

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Statutory incidence refers to who is legally responsible for paying the tax.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The actual incidence of a tax refers to who actually bears the cost of the tax through an increase in the price paid (buyers) or decrease in the price received (sellers).
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Flashcard 150900713

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The [...] incidence of a tax refers to who actually bears the cost of the tax through an increase in the price paid (buyers) or decrease in the price received (sellers).
Answer
actual

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The actual incidence of a tax refers to who actually bears the cost of the tax through an increase in the price paid (buyers) or decrease in the price received (sellers).</spa

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
If demand is less elastic (i.e., the demand curve is steeper) than supply, consumers will bear a higher burden-that is, pay a greater portion of the tax revenue than suppliers.
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Flashcard 150900723

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
If demand is [more or less?] elastic (i.e., the demand curve is steeper) than supply, consumers will bear a higher burden-that is, pay a greater portion of the tax revenue than suppliers.
Answer
less

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If demand is less elastic (i.e., the demand curve is steeper) than supply, consumers will bear a higher burden-that is, pay a greater portion of the tax revenue than suppliers. </s

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Flashcard 150900732

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
If demand is less elastic (i.e., the demand curve is [steeper or flatter?]) than supply, consumers will bear a higher burden-that is, pay a greater portion of the tax revenue than suppliers.
Answer
steeper

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If demand is less elastic (i.e., the demand curve is steeper) than supply, consumers will bear a higher burden-that is, pay a greater portion of the tax revenue than suppliers.

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Flashcard 150900741

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
If demand is less elastic (i.e., the demand curve is steeper) than supply, [who will bear greater tax burden, consumers or suppliers?].
Answer
consumers will bear a higher burden-that is, pay a greater portion of the tax revenue than suppliers

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If demand is less elastic (i.e., the demand curve is steeper) than supply, consumers will bear a higher burden-that is, pay a greater portion of the tax revenue than suppliers.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The party (be it suppliers or consumers) with the more elastic curve will be able to react more to the changes imposed by the tax. Hence, they can avoid more of the burden.
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Flashcard 150900760

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The party (be it suppliers or consumers) with the more [...] curve will be able to react more to the changes imposed by the tax. Hence, they can avoid more of the burden.
Answer
elastic

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The party (be it suppliers or consumers) with the more elastic curve will be able to react more to the changes imposed by the tax. Hence, they can avoid more of the burden.

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Flashcard 150900766

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
What are factor markets?
Answer
Markets for factors of production (raw materials, goods and services used in production)

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Goods and services used in the production of final goods and services are referred to as intermediate goods.
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Flashcard 150900779

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Goods and services used in the production of final goods and services are referred to as [...].
Answer
intermediate goods

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Goods and services used in the production of final goods and services are referred to as intermediate goods.

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Flashcard 150900785

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
What are goods markets?
Answer
Markets for goods and services to consumers

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Flashcard 150900794

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
What are product markets?
Answer
Markets for goods and services to consumers

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The quantity supplied is greater at higher prices.
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Flashcard 150900807

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The quantity [demanded or supplied?] is greater at higher prices.
Answer
supplied

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The quantity supplied is greater at higher prices.

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Flashcard 150900813

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The quantity supplied is greater at [...] prices.
Answer
higher

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The quantity supplied is greater at higher prices.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The quantity demanded is greater at lower prices.
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Flashcard 150900823

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The quantity [demanded or supplied?] is greater at lower prices.
Answer
demanded

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The quantity demanded is greater at lower prices.

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Flashcard 150900829

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The quantity demanded is greater at [...] prices.
Answer
lower

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The quantity demanded is greater at lower prices.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Changes in demand (supply) refer to shifts in a demand (supply) curve.
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Flashcard 150900839

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Changes in demand (supply) refer to [...] a demand (supply) curve.
Answer
shifts in

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Changes in demand (supply) refer to shifts in a demand (supply) curve.

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The change in quantity demanded (supplied) in response to a change in price represents a movement along a demand (supply) curve, not a change in demand (supply).
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Flashcard 150900849

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The change in quantity demanded (supplied) in response to a change in price represents [...] a demand (supply) curve, not a change in demand (supply).
Answer
a movement along

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The change in quantity demanded (supplied) in response to a change in price represents a movement along a demand (supply) curve, not a change in demand (supply).

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Demand is affected by changes in consumer tastes and typically increases (shifts to the right) with increases in income, increases in the price of substitute goods, or decreases in the price of complementary goods.
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Flashcard 150900859

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Demand is affected by changes in consumer tastes and typically increases (shifts to the [...]) with increases in income, increases in the price of substitute goods, or decreases in the price of complementary goods.
Answer
right

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Demand is affected by changes in consumer tastes and typically increases (shifts to the right) with increases in income, increases in the price of substitute goods, or decreases in the price of complementary goods.

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Flashcard 150900865

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Demand is affected by changes in consumer tastes and typically increases (shifts to the right) with increases in income, increases in the price of [...] goods, or decreases in the price of complementary goods.
Answer
substitute

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Demand is affected by changes in consumer tastes and typically increases (shifts to the right) with increases in income, increases in the price of substitute goods, or decreases in the price of complementary goods.

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Flashcard 150900871

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Demand is affected by changes in consumer tastes and typically increases (shifts to the right) with increases in income, increases in the price of substitute goods, or decreases in the price of [...] goods.
Answer
complementary

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html>Demand is affected by changes in consumer tastes and typically increases (shifts to the right) with increases in income, increases in the price of substitute goods, or decreases in the price of complementary goods.<html>

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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Supply is increased (shifted to the right) by advances in production technology and by decreases in input prices (prices of factors of production).
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Flashcard 150900881

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Supply is increased (shifted to the [...]) by advances in production technology and by decreases in input prices (prices of factors of production).
Answer
right

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Supply is increased (shifted to the right) by advances in production technology and by decreases in input prices (prices of factors of production).

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Flashcard 150900887

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Supply is increased (shifted to the right) by advances in production technology and by [...] in input prices (prices of factors of production).
Answer
decreases

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Supply is increased (shifted to the right) by advances in production technology and by decreases in input prices (prices of factors of production).

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