Reduction of trade barriers and tariffs makes the playing field for foreign suppliers to compete with domestic suppliers in their home-country markets far more difficult

The Ajax Fund, which trades on the New York Stock Exchange, was quoted with a NAV of $10 and an offer price of $10.50. Thus, we know the fund is

A) open end with a load. B) closed end with a load. C) closed end with no load. D) open end with no load.

Which of the following is true of arguments for dividend relevance?

A) A firm's value is determined solely by the earning power and risk of its assets. B) Investors are generally risk averse and attach less risk to current dividends than future dividends or capital gains. C) The value of a firm is unaffected as it functions in a perfect market. D) A clientele effect exists which causes a firm's shareholders to receive the dividends that they expect.