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　　Given a set of risky assets, a Markowitz efficient frontier:
　　A. can be calculated from the assets’ expected returns and the correlations of returns for each pair of assets.
　　B. includes all portfolios that reduce the risk level compared to holding a single asset.
　　C. cannot be generated unless one of the assets has a beta of zero.
　　D. consists of the portfolios that provide the lowest risk for every level of expected return.
　　Answer:D
　　The Markowitz efficient frontier is the set of possible portfolios that provide the highest return for each level of risk, or the lowest risk for each level of return. To generate an efficient frontier we need to know the expected returns and standard deviations for each asset, as well as the returns correlations for each pair of assets.