Q11. Which of the following is least likely an underlying assumption of technical analysis?

A)   Prices are determined by supply and demand

B)   Markets are efficient and all known information is reflected in prices.

C)   Supply and demand for a stock is driven by rational and irrational behavior.

Q12. Analysts who look for patterns and trends in security prices for buy and sell signals are called:

A)   efficient market analysts.

B)   fundamental analysts.

C)   technical analysts.

Q13. Rank fundamental analysts, technical analysts, and efficient market analysts in terms of how quickly they believe stock prices adjust to new information, from fastest to slowest.

A)   Technical analysts, fundamental analysts, efficient market analysts.

B)   Efficient market analysts, technical analysts, fundamental analysts.

C)   Efficient market analysts, fundamental analysts, technical analysts.

答案和详解如下：

Q11. Which of the following is least likely an underlying assumption of technical analysis?

A)   Prices are determined by supply and demand

B)   Markets are efficient and all known information is reflected in prices.

C)   Supply and demand for a stock is driven by rational and irrational behavior.

Correct answer is B)

For technical analysis to succeed, markets must have some inefficiency in order for trends to develop.

Q12. Analysts who look for patterns and trends in security prices for buy and sell signals are called:

A)   efficient market analysts.

B)   fundamental analysts.

C)   technical analysts.

Correct answer is C)

Technical analysts look for patterns and trends in securities prices to determine when to buy or sell. The approach taken by technicians varies greatly from that of fundamentalists, who try to forecast value changes by analyzing expected risk and return data. Efficient market analysts feel all available information is immediately impounded in the current security price. Thus, any new information will cause instantaneous price adjustments.

Q13. Rank fundamental analysts, technical analysts, and efficient market analysts in terms of how quickly they believe stock prices adjust to new information, from fastest to slowest.

A)   Technical analysts, fundamental analysts, efficient market analysts.

B)   Efficient market analysts, technical analysts, fundamental analysts.

C)   Efficient market analysts, fundamental analysts, technical analysts.

Correct answer is C)

The difference between fundamental analysts, technical analysts, and efficient market analysts is the speed at which these analysts believe news is impounded into prices. Technicians believe the reaction is slow, fundamentalists feel prices adjust quickly, and efficient market hypothesis analysts feel it happens almost instantaneously.

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