ACCA考试辅导：F4模拟练习

　　Question：Which three of the following offences are covered by the law on insider dealing in the Criminal Justice Act 1993?

　　A. Receiving information about securities.

　　B. Encouraging another to deal in securities.

　　C. Owning securities obtained improperly.

　　D. Disclosing information about securities.

　　E. Dealing in securities after receiving insider information.

　　The correct answers are: BDE

　　The prosecution can establish an offence of insider dealing only by proving that the defendant dealt in securities, encouraged someone else to deal, or disclosed information about securities. It is not an offence to receive information without doing anything else, or merely to own securities (although this implies that a "dealing" offence was committed in the past).

　　Question：Which ONE of the following is an example of cyclical unemployment?

　　A. Lay-offs among agricultural labourers in winter

　　B. Automation of ticketing services in tourism

　　C. Recession in the building industry

　　D. The entry of school leavers into the labour pool each year

　　The correct answer is: C

　　Rationale: Recession is part of the business cycle: demand for output and jobs falls, and unemployment rises until recovery is well under way. 'The entry of school leavers into the labour pool each year' is an example of frictional unemployment; 'Lay-offs among agricultural labourers in winter' of seasonal unemployment; 'Automation of ticketing services in tourism' of technological unemployment.

　　Pitfalls: It is easy to confuse cyclical with seasonal unemployment, or frictional unemployment that occurs on a seasonal basis (eg entry of school leavers into the labour pool). You need to associate cyclical employment firmly with business cycles.