NO.PZ2018070201000101
问题如下：
According to the capital asset pricing model, what is the relationship between the market risk premium and the excess market return?
选项：
A.
Market risk premium is less than the excess market return.
B.
Market risk premium equals to the excess market return.
C.
Market risk premium is higher than the excess market return.
解释：
B is correct.
With regard to the capital asset pricing model, the market risk premium equals to the market return minus the risk-free rate, i.e. the the return in excess of the market return.
“Excess market return”否改为 market excess return （如讲义）更严谨？前者描述容易引起误解。
