Question $21(1\mathrm{.}5$ points$)$

All of the following statements are true except which of the following?

The risk of an asset held by itself can be measured by the standard deviation of

the expected returns.

Of the available choices, none is true.

The expected return on a portfolio of assets is the weighted average of the

expected returns of the assets in the portfolio.

The expected return on an asset held by itself is the weighted average of the

possible outcomes, where the weights reflect the probability of each outcome.

The standard deviation of a portfolio of assets is the weighted average of the

standard deviations of the assets in the portfolio.

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