1. (2 points) In an Inefflcient financial market, urbitrage opportunities (a) must not (b) munt (c) might not (d) might 2. ( 2 points) In a finnacial marknt with no arbitrage opportunitios: (R) all sceurities must be fairly pricod. (b) some nocurities mlght be under-pricod and some securities might be over-priced. (c) nocurity pricen do not chsnge. (d) security prioss cannot be determined. 3. (2 points) If you expoct the sitock price to decline in the nesr future, it may be beneficial to buy - written on the stock. (a) is call option (b) a put option (c) as call or a put option (d) neither a call nor a put option 4. (2 points) If you expect the sitock price to increase in the near future, it may be beneficinl to sell - written on the stock. (a) a call optioti (b) a put option (c) s call of as put option (d) neitber a call nor a pat option