首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Suppose you are driving off a highway with three lanes going in your direction and you come upon a tell plaza with. six toll boo
Suppose you are driving off a highway with three lanes going in your direction and you come upon a tell plaza with. six toll boo
admin
2014-07-25
35
问题
Suppose you are driving off a highway with three lanes going in your direction and you come upon a tell plaza with. six toll booths. Three toll booths are straight ahead in the three lanes of traffic, and the three other booths are off to the right. Which lane should you choose? It is usually the case that the wait time is approximately the same no matter what you do. There are usually enough people searching for the shortest line so as to make all the lines about the same length. If one line is much shorter than the others, cars will quickly move into it until the lines are equalised. There are usually enough drivers searching for the fastest line to equalise the average wait time.
The term profit in economics has a very precise meaning. Economists, however, often loosely refer to "good deals" or profitable ventures with no risk as profit opportunities. Using the term loosely, a profit opportunity exists at the toll booths if one line is shorter than the others. The general view of economics is that profit opportunities are rare. At any one time there are many people searching for such opportunities, and as a consequence few exist. At toll booths it is seldom the case that one line is substantially shorter than the others.
Another example of a possible profit opportunity is the following. At major banks in big cities, you can buy foreign currencies. The prices of these currencies are determined in world money markets. Let’s concentrate on the US dollar, the German mark, and the French franc. With dollars we can buy marks; with these marks we can buy francs; and with these francs we can buy back dollars. Can we make money on this transaction? In other words, can the prices be such that we end up with more dollars at the end than we started with? If this is possible, we say that there are profit opportunities in the market. There are in fact almost never any profit opportunities of this kind in foreign currency markets. There are always individuals looking for such opportunities, and if any opportunity does arise it is quickly eliminated.
If, for example, the mark-franc price is too low with respect to the other prices, there is an immediate rush to buy marks and sell francs, not by ordinary citizens at bank windows, but by a few large currency traders in Tokyo, London, or Zurich who watch prices every minute. Such a rush drives up the mark-franc price to the no-profit-opportunity point. Markets like this, where any profit opportunities are eliminated almost instantaneously, are said to be efficient markets.
The common language way of expressing the efficient markets hypothesis is "there’s no such thing as a free lunch". How should one react when a stockbroker calls up with a hot tip on the stock market? With skepticism. There are thousands of individuals each day looking for hot tips in the market, and if a particular tip about a stock is valid there will be an immediate rush to buy the stock, which will quickly drive its price up. By the time the tip gets to your broker and then to you, the profit opportunity that arose from the tip is likely to have been eliminated. Similar arguments can be made for bond markets and commodity markets. There are many "experts" in these markets, who take quick advantage of any news that affects prices.
This economist’s view that there are very limited profit opportunities around can , of course, be carried too far. There is a story about two people walking alone, one an economist and one not. The non-economist sees a twenty-dollar bill on the sidewalk and says, "There’s a twenty-dollar bill on the sidewalk." The economist replies, "That is not possible. If there were, somebody would already have picked it up."
There are clearly times when profit opportunities exist. Someone has to be first to get the news, and some people have quicker insights than others. Nevertheless, news does get disseminated quickly, and there are thousands of people with quick insights. The general view that profit opportunities are rare is close to the mark.
What is implied in the efficient market hypothesis "There’s no such thing as a free lunch"?
选项
A、You need to ignore a hot tip offered.
B、You need to pay for a hot tip offered.
C、You need to justify a hot tip offered.
D、You need to take quick advantage of a hot tip offered.
答案
C
解析
本文第五段第一句指出有效市场假如用通俗的话讲就是“天下没有免费的午餐”。然后作者以股市为例,告诉我们对有效市场上提供的任何小道消息都要谨慎从事。因为当我们得到这个消息时,从中赢利的机会有可能已不复存在了。因此选C。
转载请注明原文地址:https://kaotiyun.com/show/ZYpO777K
0
专业英语八级
相关试题推荐
TheCostofNaturalDisastersI.ExamplesofrecentnaturaldisastersA.earthquakeinJapanandNewZealandB.floodinThailan
TheCostofNaturalDisastersI.ExamplesofrecentnaturaldisastersA.earthquakeinJapanandNewZealandB.floodinThailan
WalterScottwasfamousforhis______.
A、Manyprofessionalwomenlaunchtheircareersfirst,thenhavechildrenlater.B、Peopleinthiscountryspendlesstimewithfr
AmericanGroupDynamicsToday,inWesternresearchinstitutesanduniversitydepartment,muchworkisdoneasateamprojecta
SevenTypesofEvidenceItisimportanttolearntouseevidenceinargumentativewriting,becausewithoutevidence,youcan’tp
CarsaccountforhalftheoilconsumedintheU.S.,abouthalftheurbanpollutionandonefourththegreenhousegases.Theytak
Theperiodrangingfrom1865to1914hasbeenreferredtoas______inAmericanliterature.
Startinginthemid-1990s,majorAmericancitiesbeganaradicaltransformation.Yearsofhighviolentcrimerates,thefts,ro
AmericanGroupDynamicsToday,inWesternresearchinstitutesanduniversitydepartment,muchworkisdoneasateamproject
随机试题
某一结构构件截面尺寸不足,影响结构承载力,但按实际情况进行复核验算后能满足设计要求的承载力,这时宜采取的处理方法是()。
背景资料某公司承接了某城市道路的改扩建工程。工程包含一段长240m的新增路线(含下水道200m)和一段长220m的路面改造(含下水道200m),另需拆除一座旧人行天桥,新建一座立交桥。工程位于城市繁华地带,建筑物多,地下管网密集,交通量大。新增线路部分地
关于国债基金,下列说法正确的有( )。
位于市区的甲企业是一家摩托车生产企业,生产两轮摩托;位于县城的乙企业为外贸企业,专营进出口业务。2019年4月初,上述企业(均为增值税一般纳税人)均没有留抵税额。2019年4月,甲乙两企业往来业务如下:(1)甲企业自行申报进口一批摩托车零件,支付给国外的
根据合伙企业法律制度的规定,有限合伙人的下列行为中,不视为执行合伙事务的有()。
如右图,在△ABC中,AB=AC,以AB为直径的⊙O分别交AC、BC于点D、E,点F在AC的延长线上,且∠CBF=∠CAB.[img][/img]求证:直线BF是⊙O的切线;
2011年底,全国共有乡镇综合文化站34139个,平均每站面积由2006年的277.01平方米,增长到2011年的516.38平方米。平均每站文化活动用房面积由2006年的175.49平方米增长到2011年的391.00平方米。2006—2011年,每年
“从学习关系SC中检索无成绩的学生学号”的SQL语句是检索“至少选修课程号为′C1′的学生姓名(SNAME)”的SQL语句是
如下程序的输出结果是()。STORE-135.246ton?"n="+STR(n,8,3)n=-123.456?STR(n)
A—multimediamessageserviceJ—fixeddialB—subscriberidentitymoduleK—automaticredialC—voicepromptL—two-waychargin
最新回复
(
0
)