Short Answer Questions (10 points each, 40 points total) Please write your responses on a separate sheet of paper. Each question requires a o paragraph (5 or 6 sentence) response ne- 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. 4. Differentiate between active and passive portfolio management strategies and the investor's belief in the efficiency of financial markets