47 1 point Which of the following statements regarding building an efficient portfolio is(are) CORRECT? I. An efficient portfolio is one with the highest level of expected return for a given level of risk or one with the lowest risk for a given level of expected return. II. The efficient frontier is the set of efficient portfolios generated by the Markowitz portfolio model. I only Il only 0000 Both I and II Neither nor 11 48 1 point Which of the following is NOT a feature of a testamentary trust? It is created by the will. It does not avoid probate, 0000 It may be subject to gift tax. It is included in the gross estate. 49 1 point All of the following statements regarding risk and return on investments are correct EXCEPT inflation risk, or purchasing power risk, is the variability in security returns caused by the changes in the purchasing power of invested dollars market risk includes a wide range of factors originating outside of securities, including recessions, wars, structural changes in the economy, and changes in consumer preferences exchange rate risk is the variability in returns on securities caused by currency fluctuations a Treasury bill may have substantial liquidity risk, whereas a small over-the-counter (OTC) stock has little or no liquidity risk