Statistically insignificant serial correlation suggests that the market is at least:

		semi-strong form efficient
		weak form efficient
		strong form efficient
		moderately efficient

Asset price bubbles are likely the result of investors':

		conservatism
		strong form efficiency
		representativeness
		arbitrage

Fama finds that most of the anomalies, found in academic research, are chance events, which suggests:

		representativeness
		arbitrage
		semi-strong form efficient markets
		conservatism

The idea that prices should reflect all publicly available information is known as:

		market inefficiency
		semi-strong form efficiency
		strong form efficiency
		weak form efficiency

On average, a company's stock price adjusts slowly to earnings announcements, which is an example of:

		weak form efficiency
		market inefficiency
		strong form efficiency
		semi-strong form efficiency

If market are efficient then the Royal Dutch and Shell 60-40 Price Ratio Deviations should equal:

		5%
		0%
		-10%
		10%