A professionally managed portfolio of assets intended to provide income to retirees is called:
A. investing by proxy.
B. a stock.
C. a mutual fund.
D. a derivative.
Answer: C
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Demand is elastic if
A) consumers respond strongly to changes in the product's price. B) a large percentage change in price brings about a small percentage change in quantity demanded. C) a small percentage change in price brings about a small percentage change in quantity demanded. D) the quantity demanded is not responsive to price changes. E) the demand curve is vertical.
Jerome, the florist, sold 500 bridesmaid's bouquets in June. He estimates his costs that month were ATC = $10, AVC = $6, and MC = $9 . If he sold each bouquet at the constant market price of $9, Jerome:
a. made an economic profit of $500. b. made a loss of $500. c. made an economic profit of $1,500. d. made a loss of $1,500. e. should have shut down in June.