A)If markets are weak-form efficient

1) publicly available information (such as corporate financial statements) cannot be used to consistently earn higher than normal returns

2) information about past trends in investment prices cannot be used to consistently earn higher than normal returns

3) insider information cannot be used to consistently earn higher than normal returns

4) all of the above are true

B) If markets are semi-strong-form efficient

1) publicly available information (such as corporate financial statements) cannot be used to consistently earn higher than normal returns

2) information about past trends in investment prices cannot be used to consistently earn higher than normal returns

3) insider information cannot be used to consistently earn higher than normal returns

4) all of the above are true

C) If markets are strong-form efficient

1) publicly available information (such as corporate financial statements) cannot be used to consistently earn higher than normal returns

2) information about past trends in investment prices cannot be used to consistently earn higher than normal returns

3) insider information and all other information cannot be used to consistently earn higher than normal returns

4) all of the above are true

D) Efficient markets

1) hypothesis is that the prices of investments reflect existing information and adjust quickly when new information enters the markets

2) usually exist when financial markets have a large number of buyers and sellers in search of the most profitable investment

3) usually exist because investors can expect prices to reflect appropriate information that permits investors to make intelligent choices about which investments will likely provide the best return

4) all of the above are true