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
(l)Suppose you are driving on a highway with three lanes going in your direction and you come upon a toll plaza with six toll bo
(l)Suppose you are driving on a highway with three lanes going in your direction and you come upon a toll plaza with six toll bo
admin
2017-02-18
58
问题
(l)Suppose you are driving on a highway with three lanes going in your direction and you come upon a toll 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? There are usually enough people searching for the shortest line so as to make all the lines about the same length.
(2)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.
(3)At major banks in big cities, you can buy foreign currencies. The prices of these currencies are determined in world money markets. 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? 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.
(4)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.
(5)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 stock broker 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 (assuming that there was one) is likely to have been eliminated. Similar arguments can be made for bond markets and commodity markets. They are many "expert" in these markets, who take quick advantage of any news that affects prices.
(6)This economist’s view that there are very limited profit opportunities around can, of course, be carried too far. 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.
In an efficient market, ______.
选项
A、profit opportunities remain a very brief time
B、only experts can grasp the profit opportunities
C、people without insights don’t get much profit
D、anyone who knows the hot tips can gain profit
答案
A
解析
细节题。第4段末句是对efficient market的定义,从该定义来看,判断一个市场是否有效与其获利机会存在的时间有关,由此可见,选项A的描述是正确的。
转载请注明原文地址:https://kaotiyun.com/show/cvJK777K
0
专业英语四级
相关试题推荐
Inmyeyes,hisrequestthathiscost______bythehouriscompletelyreasonable.
Listening,speaking,reading,andwriting______thefundamentalorderinlanguagelearning.
It’shardtochangemanyAmericans’______viewthatGermanslackasenseofhumorandarealwaysburiedinwork.
Theyarediscussingthingsandpersons______occupyanimportantpositionintheirlife.
Theprisonerwasquestionedforthreehoursbutheremained______throughouthistrial.
Themanisveryangrybecausehisfriendborrowedhiscarbehindhisback.Theunderlinedpartmeans______.
Onlybypractisingafewhourseveryday______beabletomasterthelanguage.
CentralAmericanchildrentrytoentertheUSbecause______.
WashingtonUniversityinSaintLouis,Missouri,isamedium-sizeduniversity.Ithaseleventhousandstudents.Twelvepercentof
A、Finishingbooks.B、Goingonholiday.C、Readinghabits.D、Readingtheclassics.C①选项都是动名词短语,可以推测题目可能跟对话的主题有关。②对话由女士阅读的一本书作为开头,由
随机试题
A、龙胆B、苦参C、竹叶D、苎麻根E、桑寄生某女,32岁,素体强壮,喜食辛辣,妊娠后突发胎动不安,胎漏下血。证属怀胎蕴热、邪热扰胎动血,宜选用的药是()。
下列情况中,属于转包行为的是( )。
下列有关债券市场的功能中,不正确的是()。
己公司长期以来只生产x产品,有关资料如下:资料一:2016年度x产品实际销售量为600万件,销售单价为30元,单位变动成本为16元,固定成本总额为2800万元,假设2017年x产品单价和成本性态保持不变。资料二:公司按照指数平滑法对各年销售
有学者认为,从三公九卿到三省六部制的演变,是政治文明的一大进步。从制度变革层面看,这里的“进步”是指()
—DidyouseePeterandMike?—No,Isaw______ofthem.
下面句子中,表达有歧义的一句是:
若运行输入:3<回车>,则以下程序的输出结果是()。main(){inta,b;scanf("%d",&A);b=(a>=0)?a:-a;printf("b=%d",B);}
【B1】【B8】
Wheneverpossible,Ian______howwellhespeaksJapanese.
最新回复
(
0
)