Wesley Whitcomb, CFA, participated as a CFA examination grader in 2012. Prior to participating in grading CFA examinations, Whitcomb was required to sign a CFA Institute Grader Agreement drafted by CFA Institute stating that graders are not to reveal or discuss the exam materials with anyone except CFA Institute staff and other graders. Several weeks after the conclusion of the CFA exam grading, Whitcomb returns to his office and is having dinner with several colleagues some of who are the Level Ⅲ candidates in the CFA Program. One of the candidates mentions that he is very disappointed about his examination this time and afraid of failing for the exam because he unintentionally made a calculation mistake when answering the first essay question of investment policy statement. Whitcomb responds by telling the candidate that he was a grader for the 2012 examination and that it would be unfortunate if the candidate did give wrong answer to that question because most candidates scored
A. A
B. B
C. C
Improvements in labor productivity 56 increase wages and salaries. Wages and salaries 57 about 75 percent of all income in the United States. 58 , labor productivity is the major 59 of this (and all other) nations’ living standards. If labor productivity improves because of an advance in technology, the 60 of output increases 61 the need for additional labor. The dollar value of all goods increases 62 , which implies that consumers ultimately receive more income.
Entrepreneurs have a profit 63 to increase labor productivity. They do so by providing their workers with better equipment and creating more efficient ways for their workers to use that equipment. Entrepreneurs also have an incentive to discover new products that are more highly valued 64 to their cost of production.
Some of the largest increases in productivity occur 65 major technological advancements. The steam
A. fallen behind
B. fallen back
C. gone ahead
D. gone before
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