When institutional money managers use their computers to decide on large sales or purchases in the stock market, they are employing
A. the herd instinct.
B. the bandwagon effect.
C. program trading.
D. stock watering.
Answer: C
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Private markets are most likely to produce goods that are
a. neither rival nor excludable b. rival, but not excludable c. socially desirable, regardless of whether they are rival or not d. both rival and excludable e. rival, but not profitable
Which of the three political philosophies discussed in the textbook, if any, view the total income of society as a shared resource that a social planner can freely redistribute to achieve some social goal?
In 2011, social insurance taxes represented approximately what percentage of total receipts for the federal government?
a. 5% b. 12% c. 36% d. 44%
Johnny has allocated $30 toward coffee and tea and feels that coffee and tea are perfect substitutes. Due to differences in caffeine levels, his MRS of tea for coffee equals 2. If coffee and tea sell for the same price, Johnny will
A) spend all $30 on tea. B) spend all $30 on coffee. C) spend $20 on coffee and $10 on tea. D) be indifferent between any bundle of coffee and tea costing $30.