5) Which of the following statements describe the features of open-end mutual funds? A) A fixed number of nonredeemable shares are sold in open- end funds. B) Investors can purchase shares of open-end funds at any time. C) Open-end funds are always passively managed by fund managers. D) Returns from open-end funds are higher than those from closed-end funds. 6) Which of the following is a merit of buying mutual funds shares that will be passively managed tracking S&P 500 index. A) Get returns higher than the average market performances in the U.S. B) Expect higher returns when interest rates rise sharply. C) Diversify your portfolio even with small amount of funds. D) Avoid capital losses even when negative market events such as Lehman shock occur. 7) Which of the following is not a mandate of the central bank? A) Price stability B) Maximum employment C) Stable financial and payment system D) Income equality 8) Which of the following is a liability on the balance sheet of the central bank? A) Currency in circulation B) Required reserves C) Excess reserves D) All of the above