1. Explain what is meant by market efficiency.

2. Explain why markets aren't perfect

3. Explain whether the statement "if markets were efficient crashes wouldn't happen" refutes market efficiency

4. Explain why it isn't possible to know for certain if markets are efficient

5. Explain the conditions that are required for an efficient market

6. Explain the three forms of market efficiency

7. Explain the tests for each form of market efficiency and give one example of each

8. Why shouldn't we care whether or not markets are efficient?

9. Explain the differences between informed and uninformed traders?

10. What is "the marginal investor?"

11. What type of trader is the retail investor?

12. What type of trader is a large superannuation fund?

13. Explain whether or not it is possible for all active managers to outperform the market

14. Explain why some active managers outperform the market

15. If a manager outperforms the market, what are they doing?

16. Explain why active managers, as a whole, are unable to outperform passive index managers

17. Explain what is meant by the joint test problem