22. since 1995 a. increased b disappeared d. become more volatile 23. Which of the following is generally used as a proxy for the risk-free rate of return? a. savings account b.certificate of deposit c. Treasury bill d. Treasury bond 24. When markets are in equilibrium, the CML will be upward sloping a. because it shows the optimum combination of risky securities. b. because the price of risk must always be positive. c. because it contains all securities weighted by their market values. d. because the CML indicates the required return for each portfolio risk level. 25. If markets are truly efficient and in equilibrium a. all securities would lie on the SML b. any security that plots below the SML would be considered undervalued. c. any security that lies above the SML would be considered overvalued. d. no security would lie on the SML