"In a momentum trading strategy, investors buy stocks that went up in the past 6 months and short sell stocks that went down during the past 6 month. Researchers have shown that this trading strategy is highly profitable and cannot be explained by risk adjustments. This suggests that the market is NOT ______ ."

	A.	strong-form efficient
	B.	semi-weak form efficient
	C.	semi-strong form efficient
	D.	weak-form efficient

"Consider the following trading strategy: Buy a stock if its price is 10% below its 200-day moving average, and sell it if its price is 10% above the 200-day moving average. If this trading strategy is highly profitable even after adjustment for risks, then the stock market is ________."

	A.	weak-form efficient
	B.	strong form efficient
	C.	semi-strong form efficient
	D.	inefficient

"Consider a trading strategy that buys low P/E stocks and short-sells high P/E stocks. If this strategy is highly profitable even after adjustment for risks, then it appears to contradict which form of efficient market hypothesis?"

	A.	the strong form
	B.	the semi-strong form
	C.	the weak form
	D.	the semi-weak form