Which of the following is least likely to be directly reflected in the returns on a commodity index？
A. Roll yield
B. Changes in the spot prices of underlying commodities
Changes in the futures prices of commodities in the index
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Pia Nilsson is a sole proprietor investment advisor. The economic recession has reduced the number of clients she advises and caused revenues to decline. As a result, Nilsson has not paid her CFA Inst
A. Nonpayment of CFA Institute membership dues
B. Attributing her superior returns to participation in the CFA Program
C. Indicating that being a CFA charter-holder has enhanced her portfolio management skills
A company suffered a substantial loss when its production facility was destroyed in an earthquake against which it was not insured. Geological scientists were surprised by the earthquake as there was
A. Net of taxes if it reports under U.S. GAAP.
B. As an extraordinary item if it reports under IFRS.
C. As an unusual item if it reports under U.S. GAAP.
In the classification of currency regimes, a currency board system （CBS） most likely differs from a fixed-rate parity system in that:
A CBS has a discretionary target level of foreign exchange reserves.
B. A CBS can peg to a basket of currencies but a fixed-rate system cannot.
C. The monetary authority within a CBS does not act as a traditional lender of last resort.
A subset of a population is best described as a:
A. sample
B. statistic
Conditional distribution.
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