Look up the daily trading volume for the following stocks during a recent five-day period:

• Merck

• Caterpillar

• Intel

• McDonald’s

• General Electric

Randomly select five stocks from the NYSE, and examine their daily trading volume for

the same five days.

a. What are the average volumes for the two samples?

b. Would you expect this difference to have an impact on the efficiency of the markets for

the two samples? Why or why not?

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