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Regarding the mechanics of international portfolio diversification, which statement is true? a. Security returns are more correlated across countries than within a country. b. Security

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Regarding the mechanics of international portfolio diversification, which statement is true? a. Security returns are more correlated across countries than within a country. b. Security returns are less correlated across countries than within a country. c. Security returns are about as equally correlated across countries as they are within a country. d. Security returns are more correlated across countries than within a country--but only if the securities are from the same industry. e. None of the above

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