To understand whether todays stock return can be predicted by the stock return of the last trading day, Adam has performed the runs test using the market indices of four different countries: A, B, C, and D. The table below shows the number of runs observed and the number of runs expected for the daily interval of each country.

Country	Actual Number of Runs	Expected Number of Runs
A	700	790
B	670	668
C	940	900
D	960	962

According to Adams results, answer the following questions

1. Explain which countries are more likely to be weak-form efficient. (2 marks)
2. Which of the countries in (a) provides strong evidence that suggests today's stock return is positively related to the stock return of last trading day? Explain your answer. (2 marks)