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11. The purpose of secondary trading is to: A.

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11. The purpose of secondary trading is to:

A. provide liquidity and competition between investments.
B. provide a market for securities not handled in primary trading.
C. provide jobs for brokers and dealers.
D. provide lower commissions than on the organized exchanges.

12. The largest and most important of all global stock exchanges (in terms of dollar value) is located in:

A. New York.
B. London.
C. Toronto.
D. Tokyo.

13. Which Stock Exchange is known as the most liquid?


14. Which of the following is FALSE regarding decimalization?

A. Bid-ask spreads have decreased.
B. Decimalization makes trading easier for the common investor.
C. It is difficult for trading screens to adjust to decimals.
D. Professional traders complain that trading profits have declined.

15. Middle- to small-size companies that are centered in one city or state would be found on the:

A. NASDAQ National Market.
B. NASDAQ Small Cap Market.
C. Supplemental list.
D. New York Stock Exchange.

16. What type of trading accounts for over 90% of stocks traded on the Chicago and Pacific regional exchanges?

A. Dealer Trading
B. Dual Trading
C. Options Trading
D. None of the above

17. The emergence of trading via ECNs has:
A. created a venue for highly liquid trading on a 24-hours-per-day basis.
B. lowered the cost of trading.
C. made trading more difficult for small investors.
D. All of the above

18. Which of the following is not a criteria for an efficient market?
A. Prices adjust rapidly to new information.
B. Large dollar amounts of securities can be absorbed without price destabilization.
C. Each successive trade is made at a price close to the previous trade.
D. Computerized handling of transactions.

19. The efficient market hypothesis deals primarily with:

A. random speculation in securities.
B. the degree to which prices adjust to new information.
C. degrees to which price movements are the result of past trends.
D. how an investor can significantly outperform the market in general.

20. The Securities Act of 1933 is primarily concerned with:

A. original issues of securities.
B. secondary trading of securities.
C. national securities market.
D. protecting customers of bankrupt securities firms.

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