答案和详解如下： Q6. Which of the following statements about securities markets is least accurate? A) The third market is the direct exchange of securities between investors. B) Secondary markets provide liquidity for primary market investors. C) Internal market efficiency means transaction costs are low. Correct answer is A) The third market refers to over-the-counter trading of exchange-listed shares. Q7. Which of the following statements about securities markets is least accurate?
A) Characteristics of a well-functioning securities market include: many buyers and sellers willing to trade at below market price, low bid-ask spreads, timely information on price and volume of past transactions, and accurate information on supply and demand. B) A limit buy order and a stop buy order are both placed below the current market price. C) Secondary markets, such as the over-the-counter (OTC) market, provide liquidity and price continuity. Correct answer is B) A limit buy is placed below the current market price, but a stop buy order is placed above the current market price (stop buy orders are often placed to protect a short sale from a rising market). The other choices are true. A well-functioning securities market includes the following characteristics: § timely and accurate information on price and volume of past transactions. § timely and accurate information on the supply and demand for current transactions. § liquidity (as indicated by low bid-ask spreads).
§ marketability.
§ price continuity.
§ depth (many buyers and sellers willing to transact above and below the current price). § internal efficiency (low transaction costs).
§ informational/external efficiency (rapidly adjusting prices). | 
发表于 2009-1-22 11:38
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