According to the theory of efficient markets, mutual fund managers may be expected to earn above-average returns if they:
A. take on less risk.
B. participate in efficient markets.
C. have access to illegal, private information.
D. have learned from investing in the same stocks repeatedly.
Answer: C
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A transfer payment is a sum of money
A. spent by government for new goods and services. B. shifted between members of a household. C. given by government without a good or service in exchange. D. moved between companies for goods and services. E. required to pay taxes.
The benefit principle views _____
a. a tax as the price that is paid for a government-supplied activity b. all government activity as beneficial c. all taxes as being beneficial if they are spent in the public interest d. all Pareto-efficient moves as beneficial
When an income tax has a progressive rate structure, _____
a. average tax rates are higher than marginal tax rates b. marginal tax rates are higher than average tax rates c. marginal tax rates are constant across all income ranges d. average and marginal tax rates are equal across all income ranges
Compared to workers in poor countries, workers in richer countries have
A. lower productivity but higher wages. B. higher productivity and higher wages. C. higher productivity but lower wages. D. the same productivity but higher wages.