Which of the following statements is false?
A. The list of stocks that are included in the Dow Jones Industrial Average changes from time to time, and is determined by the editors of the Wall Street Journal.
B. The Dow Jones Industrial Average first appeared on the scene in 1896.
C. When the Dow Jones Industrial Average was first computed, prudent investors bought bonds, not stocks.
D. The Dow Jones Industrial Average is computed by summing the prices of the thirty stocks included in the average and dividing by 30.
Answer: D
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What will be an ideal response?
In the backward-bending portion of a labor supply curve: a. a worker will increase the quantity of labor supplied in response to an increase in the wage. b. the substitution effect of a wage change outweighs the income effect
c. the income effect of a wage change outweighs the substitution effect. d. the substitution effect of a wage change equals the income effect.
For a price ceiling to be binding, it
a. cannot be determined. b. is the same as the equilibrium price. c. must be above the equilibrium price. d. must be below the equilibrium price.
A law establishing a maximum legal price for a good or service is known as
a. an equilibrium price. b. a price floor. c. a price ceiling. d. a price wall.