Early test design (creating test cases/conditions early in the lifecycle, even before code is written) is valuable because it can find faults directly in requirements/design documents (iii), and by catching ambiguities or errors that early it prevents those faults from multiplying downstream into code and later test phases (i) — but doing so thoroughly can also surface gaps or contradictions that force changes to the requirements themselves (iv). Statement (ii) is false because the whole premise of 'early' testing is that faults found early are cheaper, not more expensive, to fix (cost of fixing defects rises the later they're found). Statement (v) is false in the sense intended here — while early test design takes effort, it's not counted as a downside in this standard test-theory framing, which emphasizes its net cost-saving benefit.