9.Considering the "Present Value of Future Cash Flows" valuation model, what explains lower returns of growth stocks (vs. value stocks) in an environment of rising interest rates?

a. Value stocks have greater uncertainty of future cash flows

b. Growth stocks are discounted using a lower required rate of return

c. A greater proportion of cash flows of value stocks are front loaded (come in earlier years) than growth stocks, whose cash flows come in later years.

d. Inflation affects the margins of growth stocks more than those of value stocks.

11.Great news: The government announced the economy added 300,000 new jobs. What data would be the most helpful in order to estimate how the bond or stock market will react to this number?

a. Price/Earnings Ratio

b. Fed's Current Policy Stance

c. Prior Month's new jobs level

d. Consensus estimate of new jobs expected