please answer true or false to statement 5 to 14, and if false, please explain

5. The certainty equivalent of a lottery payoff for a risk-averse individual is always higher than the expected payoff. 6. According to APT models, there is a risk premium for not only systematic risk, but also for unsystematic risk, as many factors contribute to determining risk premiums. 7. An exponential utility function exhibits increasing ARA and increasing RRA. 8. A person with a lincar utility function is risk averse. 9. A risk averse individual is likely to have a convex utility function. 10. The Capital Asset Pricing Model measures relevant risk of a security and shows the relationship between risk and expected return. 11. The Capital Asset Pricing Model implies that all risky assets must have a positive risk premium. 12. According to the Capital Asset Pricing Model, securities with positive alphas are considered as overpriced. 13. The portfolio beta is calculated as the sum of the weighted average of the betas of each investment in the portfolio. 14. An efficient portfolio can contain assets which themselves do not lie on the efficient frontier