北美精算师(SOA)考试_FM_2000_November年真题.pdfVIP

November 2000 Course 2 Society of Actuaries/Casualty Actuarial Society 1. Two consumers, Jack and Jill, each consume only two normal goods, X and Y . The price of X is 5 per unit, and the price of Y is 1 per unit. Although Jack and Jill have identical preferences, at their optimal levels of consumption Jill consumes twice as much X as Jack. Given this information, which of the following statements must be true? (A) Jill’s income must be greater than Jack’s. (B) Jill would be better off by purchasing less X . (C) Jack would be better off by purchasing more X . (D) Jill’s marginal value of X in terms of Y must be greater than Jack’s. (E) Jill’s marginal value of Y in terms of X must be greater than Jack’s. November 2000 1 Course 2 2. The following table shows the annual effective interest rates being credited by an investment account, by calendar year of investment. The investment year method is applicable for the first 3 years, after which a portfolio rate is used: Calendar Investment Year Rates Calendar Year of Year of Portfolio Investment i1 i2 i3 Portfolio Rate Rate 1990 10% 10% t% 1993 8% 1991 12% 5% 10% 1994 (t- 1)% 1992 8% (t-2)% 12% 1995 6% 1993 9% 11%