首页
登录
职称英语
Suppose you are driving on a highway with three lanes going in your directio
Suppose you are driving on a highway with three lanes going in your directio
游客
2024-10-16
14
管理
问题
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.
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.
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.
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.
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.
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. [br] The passage mainly focuses on
选项
A、the explanation of efficient market.
B、the exchange of different currencies.
C、how to make profits from stock market.
D、how to catch the profit opportunities.
答案
A
解析
主旨题。文章首先指出“获利机会很少”这一观点,然后在第4段指出“有效市场”的定义,表明“有效市场”具有“获利机会少”的特点,并从第5段开始进一步说明“有效市场”是怎么一回事,由此可见,本文的重点是解释什么是有效市场,因此本题应选选项A。
转载请注明原文地址:https://tihaiku.com/zcyy/3803951.html
相关试题推荐
MycousinNancyisofteninapoisonousmood;Isupposeit’sbecausesheis.chi
Highgradesaresupposedto______academicability,buthisactualperformance
Supposeyouaredrivingonahighwaywiththreelanesgoinginyourdirectio
Supposeyouaredrivingonahighwaywiththreelanesgoinginyourdirectio
Supposeyouaredrivingonahighwaywiththreelanesgoinginyourdirectio
Youcanactuallyseethedeeratcloserangewhiledrivingthroughthatarea.Th
TheUnitedStatesiswell-knownforitsnetworkofmajorhighwaysdesignedt
TheUnitedStatesiswell-knownforitsnetworkofmajorhighwaysdesignedt
TheUnitedStatesiswell-knownforitsnetworkofmajorhighwaysdesignedt
TheUnitedStatesiswell-knownforitsnetworkofmajorhighwaysdesignedt
随机试题
[originaltext]Interviewer(M)MiriamNelson(W)Now,listentoPartOneoftheint
AsagroupofyoungAfricanimmigrantsstrugglestoadapttolifeintheUni
地下水对混凝土建筑物的腐蚀是一项复杂的物理化学过程,在一定的工程地质条件下,对建
牙髓电活力试验患牙读数比对照牙牙明显不同,可判断患牙()A.有无咬合
某法律援助机构对人民法院指定辩护的被告人提供法律援助。根据《法律援助条例》,下列
患者男,46岁。3年前行固定义齿修复,目前咬合疼痛,义齿松动,要求重新固定义齿修
下列关于增值税纳税人的说法,错误的是()。A.完税凭证开具给委托方,委托方
下列人员中,可以适用行政拘留处罚的是()。A.孕妇 B.精神病患者 C.6
根据企业国有资产法律制度的规定,国家出资企业及其各级子企业发生特定行为时,应当对
对100MW及以上的汽轮发电机变压器组,应装设双重主保护,多套保护宜具有()
最新回复
(
0
)