20. Periods of high inflation produce higher returns for:

A. commodity futures investors and declining returns for stock and bond investors.

B. bond investors and declining returns for commodity futures and stock investors.

C. stock investors and declining returns for commodity futures and bond investors.

D. commodity futures and bond investors and declining returns for stock investors.

21. Which of the following are components of return for a commodity index?

A. Margin loan rate, current yield, and collateral yield.

B. Changes in the commodity price, current yields and collateral yield.

C. Margin loan rate, collateral yield and roll yield.

D. Changes in the commodity price, collateral yield and roll yield.

22. The main reason behind the efficient frontier effect of including commodities in a diversified portfolio of stocks and bonds is:

A. the positive correlation between commodities and other financial assets.

B. the negative correlation between commodities and other financial assets.

C. the positive correlation between commodities and inflation rates.

D. the negative correlation between commodities and inflation rates.