In the context of market efficiency, the stock market is Select one: a. semi-strong form efficient when prices reflect past stock market information and private information. b. weak-form efficient when prices reflect past stock market information. c. strong form efficient when the market is weak-form efficient and prices also reflect public information. d. None of these statements is true. e. All of these statements are true.

An investor with a long position in Treasury notes futures will profit if Select one: a. the prices of Treasury notes decrease. b. the price of the S&P 500 Index increases. c. interest rates decrease. d. interest rates increase. e. None of the options is true.

The intrinsic value of an out-of-the-money put option is equal to Select one: a. the stock price minus the exercise price. b. the put premium. c. zero. d. the exercise price minus the stock price. e. None of the options.