The idea that any public information you will be able to find will prove of little value to you when buying and selling stocks, because that information is so quickly incorporated into the trading prices of stocks, is known as the
A. principle of context.
B. over-the-counter hypothesis.
C. theory of fundamental analysis.
D. theory of efficient markets.
Answer: D
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Which of the following is most likely to be a fixed input in the short run for Joe's Garage?
a. the grease used to lubricate cars b. the part-time labor employed to repair cars c. the inventory of replacement parts d. the electricity used to heat and light the garage e. the garage used to repair cars
A Giffen good is a good for which
a. a decrease in the price decreases the quantity demanded. b. the income effect outweighs the substitution effect. c. an increase in the price decreases the quantity demanded. d. Both a) and b) are correct.
A firm's marginal cost curve in a perfectly competitive product market is the same as its ________ curve. Similarly, a firm's marginal revenue product curve in a perfectly competitive labor market is the same as its ________ curve.
A. demand; supply B. supply; demand C. supply; supply D. demand; demand
The government imposes a price ceiling on gasoline that is below the market price. You are asked to suggest a rationing scheme that will minimize the misallocation of resources. You suggest
A. using rationing coupons that can be resold. B. using rationing on a first-come, first-served basis. C. using rationing coupons that cannot be resold. D. using rationing only on weekdays.