Final answer:
The command outputs the results of the 'ls' command, as the output is saved to the variable 'z' and then displayed with 'echo'.
Step-by-step explanation:
The command z=`ls` echo $z is intended to execute the ls command, save its output into the variable z, and then echo the value of z. However, due to the lack of a semicolon or new line between the assignment and echo command, the shell will first assign the output of ls to the variable z and then immediately output it using echo. As a result, the answer to the question is a) The results of ls command. The output is saved into the 'z' variable.