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The difference between the required rate of return on a given risky investment and that of a risk-free investment with the same expected return is the:
A. Standard error of measurement.
B. Coefficient of variation.
C. Risk premium.
D. Beta coefficient
Answer: C
The market risk premium RM - RF) is the amount above the risk-free rate required to include average investors to enter the market. The risk premium is the portion of expected return attributed to the increased risk.

Mathew ascended three flights of stairs--passed half-way down a long arched gallery--and knocked at
another old-fashioned oak door. This time the signal was answered. A low, clear, sweet voice, inside the
room, inquired who was waiting without? In a few hasty words Mathew told his errand. Before he had
done speaking the door was quietly and quickly opened, and Sarah Leeson confronted him on the
threshold, with her candle in her hand.
Not tall, not handsome, not in her first youth--shy and irresolute in manner--simple in dress to the utmost
limits of plainness--the lady's-maid, in spite of all these disadvantages, was a woman whom it was
impossible to look at without a feeling of curiosity, if not of interest. Few men, at first sight of her, could
have resisted the desire to find out who she was; few would have been satisfied with receiving for answer,
She is Mrs. Treverton's maid; few would have refrained from the attempt to extract some secret
information for themselves from her face and manner; and none, not even the most patient and practiced
of observers, could have succeeded in discovering more than that she must have passed through the
ordeal of some great suffering at some former period of her life. Much in her manner, and more in her face,
said plainly and sadly: I am the wreck of something that you might once have liked to see; a wreck that
can never be repaired--that must drift on through life unnoticed, unguided, unpitied--drift till the fatal shore
is touched, and the waves of Time have swallowed up these broken relics of me forever.
This was the story that was told in Sarah Leeson's face--this, and no more. No two men interpreting that
story for themselves, would probably have agreed on the nature of the suffering which this woman had
undergone. It was hard to say, at the outset, whether the past pain that had set its ineffaceable mark on
her had been pain of the body or pain of the mind. But whatever the nature of the affliction she had
suffered, the traces it had left were deeply and strikingly visible in every part of her face.
Her cheeks had lost their roundness and their natural color; her lips, singularly flexible in movement and
delicate in form, had faded to an unhealthy paleness; her eyes, large and black and overshadowed by
unusually thick lashes, had contracted an anxious startled look, which never left them and which piteously
expressed the painful acuteness of her sensibility, the inherent timidity of her disposition. So far, the
marks which sorrow or sickness had set on her were the marks common to most victims of mental or
physical suffering. The one extraordinary personal deterioration which she had undergone consisted in
the unnatural change that had passed over the color of her hair. It was as thick and soft, it grew as
gracefully, as the hair of a young girl; but it was as gray as the hair of an old woman. It seemed to
contradict, in the most startling manner, every personal assertion of youth that still existed in her face.
With all its haggardness and paleness, no one could have looked at it and supposed for a moment that it
was the face of an elderly woman. Wan as they might be, there was not a wrinkle in her cheeks. Her eyes,
viewed apart from their prevailing expression of uneasiness and timidity, still preserved that bright, clear
moisture which is never seen in the eyes of the old. The skin about her temples was as delicately smooth
as the skin of a child. These and other physical signs which never mislead, showed that she was still, as
to years, in the very prime of her life.
Sickly and sorrow-stricken as she was, she looked, from the eyes downward, a woman who had barely
reached thirty years of age. From the eyes upward, the effect of her abundant gray hair, seen in
connection with her face, was not simply incongruous--it was absolutely startling; so startling as to make it
no paradox to say that she would have looked most natural, most like herself if her hair had been dyed. In
her case, Art would have seemed to be the truth, because Nature looked like falsehood.
What shock had stricken her hair, in the very maturity of its luxuriance, with the hue of an unnatural old
age? Was it a serious illness, or a dreadful grief that had turned her gray in the prime of her womanhood?
That question had often been agitated among her fellow-servants, who were all struck by the peculiarities
of her personal appearance, and rendered a little suspicious of her, as well, by an inveterate habit that
she had of talking to herself. Inquire as they might, however, their curiosity was always baffled. Nothing
more could be discovered than that Sarah Leeson was, in the common phrase, touchy on the subject of
her gray hair and her habit of talking to herself, and that Sarah Leeson's mistress had long since forbidden
every one, from her husband downward, to ruffle her maid's tranquility by inquisitive questions.
What makes the term "unnatural" ironic as used in the passage?
A. We know her to be only around 30 with all these marks.
B. The gray hair was any more unnatural than any other markings was apparent.
C. The markings would be visible in every part of her face.
D. For a young girl in every other aspect, this pain caused graying hair.
E. It was unusual that someone so young would have such markings.
Answer: B
It is ironic that all of the detail after sordid detail of the pain evidenced on this woman's face and the
unusual markings and features should now be considered natural, but her gray hair is "unnatural."


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