, points total) Please write your responses on a separate sheet of paper. Each quest paragraph (5 or sentence) response. a separate sheet of paper. Each question requires a on 1. Differentiate between efficient and inefficient markets. 2. Contrast long and short positions and explain the source of profit from each. 3. Distinguish among the future value of $1, the future value of an annuity of $1, the present value of $1, and the present value of an annuity of $1 Differentiate between active and passive portfolio management strategies and the investor's belief in the efficiency of financial markets 4