$1.$ If you have strong belief that market is efficient, which of the following instrument should you pick?

a$.$ &P $500$ index ETF

b$.$ Stock mutual fund

c$.$ individual stocks that analysts predict to have strong earnings

d$.$ treasury mutual fund

e$.$ Hedge fund managed by a famous investor

$2.$ A hedge fund manager is trying to convince potential investors to invest in a new fund. Which of the following evidence provides possible evidence of the investor$$s skill based on past trading returns:

a$.$A positive loading on the value factor

b$.$ A relatively low standard deviation

c$.$ A significant alpha

d$.$ Sharpe ratio on part with the market

e$.$ A negative loading on the momentum factor