The current role of the International Monetary Fund is one of
a. supervising a system of fixed exchange rates.
b. providing assistance to countries with currency or debt problems.
c. setting exchange rates based on a gold exchange standard.
d. acting as a lender of last resort to central banks.
b
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The efficient markets hypothesis implies that stock investments should have the same expected return after adjusting for
A) risk. B) information costs. C) liquidity. D) all of the above.
What would lead an economist to conclude that Theory A is superior to Theory B?
A) Theory A predicts real-world events better than does Theory B. B) The assumptions underlying Theory A are more realistic than are the assumptions underlying Theory B. C) Theory A explains how people think, whereas Theory B only explains what they do. D) Theory A is based on the assumption that an individual typically cannot determine what is in his or her own best interest, whereas Theory B assumes that each person knows what is in his or her own best interest and acts accordingly.