If an Investor Has a Portfolio That Has Constant Proportions

Multiple Choice

If an investor has a portfolio that has constant proportions in T-bills and the market portfolio, the portfolio's characteristic line will plot as a line with ___________; if the investor can time bull markets, the characteristic line will plot as a line with ___________.

A) a positive slope; a negative slope
B) a negative slope; a positive slope
C) a constant slope; a negative slope
D) a negative slope; a constant slope
E) a constant slope; a positive slope