31 How do financial markets that run freely and efficiently affect the standard of living in a country?

32 What does it mean for a financial market to be consid- ered (a) informationally efficient and (b) economically efficient?

33 Do you think investors can earn abnormal returns in financial markets that are at least semistrong-form efficient?

35 What economic functions do financial intermediaries perform?

38 How do financial institutions in the United States differ from financial institutions in other parts of the world? Why?