-3.25% D Question 31 An efficient portfolio is a portfolio that does which one of the following? offers the highest return for a given level of risk eliminates all risk while providing an expected positive rate of return ves the minimum variances of all possible portfolios. les on the vertical axis when graphing expected returns against standard deviation offers the highest return for the lowest possible cost Question 32 Welch of the following are affected by the probability of a state of the economy occurrin