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15. __The advantages that Nolan can enjoy by investing in mutual funds include a. diversification. b. lower denomination, or price of entry. c. convenience. d. liquidity. e. all of the above. 16. _Which is more important when selecting a mutual fund? a. management fee. b. total expense ratio. c. neither is important. 17.___Why is it so difficult for even very experienced, sophisticated, and smart mutual fund managers to beat their indices? a. cost b.reversion to the mean. c. the momentum factor built into indices by their nature. d. market efficiency. e. all of the above. f. more than one, but not all of the above. 18. _Which is easier to manage? a. closed end mutual fund. b. open end mutual fund. c. they are equally easy for difficult, depending on one's perspective) to manage. 19. The answer to question 18 arises because a. closed end mutual fund managers must be cognizant of inflows and outflows and manage cash appropriately. b. open end mutual fund managers must be cognizant of inflows and outflows and manage cash appropriately. c. open end funds have to consider the discount or premium at which they are trading. d. all of the above. e. more than one, but not all, of the above. Among the advantages of index investing is (are) a. low cost. b. the momentum factor built into indices and hence into index funds. c. elimination of manager risk d. tax efficiency e. all of the above. 20