NO.PZ2018062007000015
问题如下：
Which of the following is most likely to describe arbitrage?
选项：
A.
It is difficult to arbitrage when trading costs are high.
B.
arbitrage opportunities exist when the ability to buy and sell short the asset is low.
C.
arbitrage can tell investors the intrinstic value of an asset.
解释：
A is correct.
Arbitrage opportunities exist when trading costs are low, and investors have high ability to buy and go short the asset.
C is incorrect because arbitrage cannot tell us the intrinstic value. Arbitrage is based on a relative valuation method, whereas intrinstic value is based on an absolute valuation method.
低交易成本的情况下更容易出现套利机会，A正确；
套利交易需要便利的做多和做空机制，B错误；
套利不会告诉投资者资产的内在价值，因为套利取决于多空双方的相对价值，C错误。
B为什么不对呢，方便做空和做多，套利机会才更多啊。我觉得这个选项没有说只有能做多做空才能套利。只是说，做多做空的存在更方便套利。是对的
