NO.PZ2018091701000015
问题如下：
Analysts make two conclusions about macroeconomic model and fundamental model:
Conclusion one: the factors in macroeconomic model are based on surprises in economic variables and the factors in fundamental model are based on P/E or size.
Conclusion two: the factor sensitivities are determined first in macroeconomic model, the factor sensitivities are determined last in fundamental model.
Which of the following statement is most likely correct?
选项：
A.Both conclusion one and two are correct.
B.Only conclusion two is correct.
C.Only conclusion one is correct.
解释：
C is correct.
考点：macroeconomic model and fundamental model 的变量辨析
解析：结论一说的是宏观经济模型里的factor是surprise,基本面模型里的factor是和公司相关的指标。
结论二的说法是错误的，正确的说法是，在宏观经济模型里，F是真实的数据，b是回归求出的，所以首先确定的是F。在基本面模型里，b是真实的数据，F是回归出来的，所以首先确定的是b。
之前Wendy老师的答复：
在宏观经济模型里 ， F是真实的数据 ，b是回归求出的 ，所以首先确定的是F。
在基本面模型里 ， b是真实的数据 ， F是回归出来的，所以首先确定的是b。
Conclusion two: the factor sensitivities are determined first in macroeconomic model,
the factor sensitivities are determined last in fundamental model.
这句话正好完全说反了。
正确的说法是：
he factor sensitivities are determined first in fundamental model，
the factor sensitivities are determined last in macroeconomic model.
疑问：
正确的说法是：
the factor sensitivities are determined first in fundamental model，
这句话不是说fundamental model中最先确定F吗？
the factor sensitivities are determined last in macroeconomic model.
这句话不是说macroeconomic model中最后确定F吗？
怎么跟之前的说的是反的？
