1) The long-term reversal is inconsistent with

I The weak form efficient market hypothesis

II The semi-strong form efficient market hypothesis

III The strong form efficient market hypothesis

I and II

I, II, and III

I

None of I, II, and III

2) Stocks with high market betas have higher expected returns than stocks with low market betas. This evidence is inconsistent with I. The weak form efficient market hypothesis II. The semi-strong form efficient market hypothesis III. The strong form efficient market hypothesis

I

I and II

I, II, and III

None of I, II, and III