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Multiple Choice Questions
1. A top-down analysis of a firm's prospects starts with an analysis of the ____.
A. firm's position in its industry
B. U.S. economy or even the global economy
C. industry
D. specific firm under consideration
Answer: B. U.S. economy or even the global economy
2. In 1980 the dollar-yen exchange rate was about $.0045. In 2012 the yen-dollar exchange
rate was about 80 yen per dollar. A Japanese producer would have had to increase the dollar
price of a good sold in the United States by approximately _____ to maintain the same yen
price in 2012.
A. 178%
B. 79.5%
C. 265.4%
D. 36%
Answer: A. 178%
e0 = .0045; e1 = 1/80 = .0125
%Δe = (.0125/.0045) - 1 = 1.778 = 177.78%
3. An increase in the value of the yen against the U.S. dollar can cause the Japanese
automaker Toyota to either _____________ on its U.S. sales.
A. lose market share or reduce its profit margin
B. gain market share or reduce its profit margin
C. lose market share or increase its profit margin
D. gain market share or increase its profit margin
Answer: A. lose market share or reduce its profit margin
4. You estimate that the present value of a firm's cash flow is valued at $15 million. The break
up value of the firm if you were to sell the major assets and divisions separately would be $20
million. This is an example of what Peter Lynch would call ___________.
A. a stalwart
B. slow growth
C. a star
D. an asset play
Answer: D. an asset play
5. Between 1999 and 2010, the purchasing power of the U.S. dollar increased relative to the
purchasing power of _______.
A. the United Kingdom
B. the Euro
C. Switzerland
D. Canada
Answer: A. the United Kingdom
6. If you believe the economy is about to go into a recession, you might change your asset
allocation by selling _______ and buying ______.
A. growth stocks; long-term bonds
B. long-term bonds; growth stocks
C. defensive stocks; growth stocks
D. defensive stocks; long-term bonds

Answer: A. growth stocks; long-term bonds
7. The yield curve spread between the 10-year T-bond yield and the federal funds rate is a
_______ economic indicator.
A. leading
B. lagging
C. coincident
D. mixed
Answer: A. leading
8. The Conference Board's Consumer Confidence Index is released ______.
A. daily
B. weekly
C. monthly
D. quarterly
Answer: C. monthly
9. You can earn abnormal returns on your investments via macro forecasting ______.
A. if you can forecast the economy at all
B. if you can forecast the economy as well as the average forecaster
C. if you can forecast the economy better than the average forecaster
D. only if you can forecast the economy with perfect accuracy
Answer: C. if you can forecast the economy better than the average forecaster
10. Which of the following industries would most analysts classify as mature?
A. Internet service providers
B. Biotechnology
C. Wireless communication
D. Auto manufacturing
Answer: D. Auto manufacturing
11. Which one of the following stocks represents industries with below-average sensitivity to
the state of the economy?
A. Financials
B. Technology
C. Food and beverage
D. Cyclicals
Answer: C. Food and beverage
12. The most widely used monetary policy tool is _________.
A. altering the discount rate
B. altering reserve requirements
C. open market operations
D. increasing the budget deficit
Answer: C. open market operations
13. Which one of the following is the ratio of actual output from factories to potential output
from factories?
A. Capacity utilizationrate
B. Participation rate
C. Durable goods orders rate
D. Industrial production rate
Answer: A. Capacity utilizationrate

14. According to __________ economists, the growth of the U.S. economy in the 1980s can
be attributed to lower marginal tax rates, which improved the incentives for people to work.
A. Keynesian
B. monetarist
C. supply-side
D. demand-side
Answer: C. supply-side
15. The market value of all goods and services produced during a given time period is called
______.
A. GDP
B. industrial production
C. capacity utilization
D. factory orders
Answer: A. GDP
16. A big increase in government spending is an example of a _________.
A. positive demand shock
B. positive supply shock
C. negative demand shock
D. negative supply shock
Answer: A. positive demand shock
17. GDP refers to _________.
A. the amount of personal disposable income in the economy
B. the difference between government spending and government revenues
C. the total manufacturing output in the economy
D. the total production of goods and services in the economy
Answer: D. the total production of goods and services in the economy
18. Portfolio manager Peter Lynch would classify Coca-Cola as _________.
A. an asset play
B. a slow grower
C. a stalwart
D. a turnaround
Answer: C. a stalwart
19. Attempting to forecast future earnings and dividends is consistent with which of the
following approaches to securities analysis?
A. Technical analysis
B. Fundamental analysis
C. Both technical analysis and fundamental analysis
D. Indexing
Answer: B. Fundamental analysis
20. The analysis of the determinants of firm value is called _____________.
A. fundamental analysis
B. technical analysis
C. momentum analysis
D. indexing
Answer: A. fundamental analysis
21. Which of the following companies is the best example of a turnaround?

A. Coca-Cola
B. Microsoft
C. ExxonMobil
D. Kmart
Answer: D. Kmart
22. Inflation is caused by ________________.
A. unions
B. rapid growth of the money supply
C. excess supply
D. low rates of capacity utilization
Answer: B. rapid growth of the money supply
23. Everything else equal, if you expect a larger interest rate increase than other market
participants, you should _________.
A. buy long-term bonds
B. buy short-term bonds
C. buy common stocks
D. buy preferred stocks
Answer: B. buy short-term bonds
24. To obtain an approximate estimate of the real interest rate, one must _________ the
__________ the nominal risk-free rate.
A. add; default premium to
B. subtract; default premium from
C. add; expected inflation to
D. subtract; expected inflation from
Answer: D. subtract; expected inflation from
25. Which of the following would not be considered a supply shock?
A. A change in the price of imported oil
B. Frost damage to the orange crop
C. A change in the level of education of the average worker
D. An increase in the level of government spending
Answer: D. An increase in the level of government spending
26. If economic conditions are such that very slow growth is expected in the foreseeable
future, one would want to invest in industries with __________ sensitivity to economic
conditions.
A. below-average
B. average
C. above-average
D. Since growth is expected to be slow, sensitivity to economic conditions is not an issue.
Answer: A. below-average
27. Which of the following is not an example of fiscal policy?
A. Social Security spending
B. Medicare spending
C. Fed purchases of Treasury securities
D. Changes in the tax rate
Answer: C. Fed purchases of Treasury securities
28. Supply-side economics tends to focus on _______________.

A. government spending
B. price controls
C. monetary policy
D. increasing productive capacity
Answer: D. increasing productive capacity
29. Which one of the following describes the amount by which government spending exceeds
government revenues?
A. Balance of trade
B. Budget deficit
C. Gross domestic product
D. Output gap
Answer: B. Budget deficit
30. Which one of the following is probably the most direct and immediate way to stimulate or
slow the economy, although it is not very useful for fine-tuning economic performance?
A. Fiscal policy
B. Monetary policy
C. Supply-side policy
D. Rising minimum wages
Answer: A. Fiscal policy
31. In macroeconomic terms, an increase in the price of imported oil or a decrease in the
availability of oil is an example of a _________.
A. demand shock
B. supply shock
C. monetary shock
D. refinery shock
Answer: B. supply shock
32. ______________ in interest rates are associated with stock market declines.
A. Anticipated increases
B. Unanticipated increases
C. Anticipated decreases
D. Unanticipated decreases
Answer: B. Unanticipated increases
33. The average duration of unemployment is _________.
A. a leading economic indicator
B. a coincidental economic indicator
C. a lagging economic indicator
D. both a coincidental indicator and a lagging indicator
Answer: C. a lagging economic indicator
34. The ratio of the purchasing power of two economies is termed the _______.
A. balance of trade
B. real exchange rate
C. real interest rate
D. nominal exchange rate
Answer: B. real exchange rate
35. Everything else equal, an increase in the government budget deficit would:
I. Increase the government's demand for funds

II. Shift the demand curve for funds to the left
III. Increase the interest rate in the economy
A. II only
B. I and II only
C. I and III only
D. I, II, and III
Answer: C. I and III only
36. Which of the following affects a firm's sensitivity of its earnings to the business cycle?
I. Financial leverage
II. Operating leverage
III. Type of product
A. II only
B. I and II only
C. I and III only
D. I, II, and III
Answer: D. I, II, and III
37. Which of the following describes the rate at which your ability to purchase grows while
you hold an interest-earning investment?
A. The nominal exchange rate
B. The nominal interest rate
C. The real exchange rate
D. The real interest rate
Answer: D. The real interest rate
38. An example of a highly cyclical industry is the _________.
A. automobile industry
B. tobacco industry
C. pharmaceutical industry
D. utility industry
Answer: A. automobile industry
39. The stock price index and contracts and orders for nondefense capital goods are
_________.
A. leading economic indicators
B. coincidental economic indicators
C. lagging economic indicators
D. leading and coincidental indicators, respectively
Answer: A. leading economic indicators
40. Which one of the following is not a demand shock?
A. Increase in government spending
B. Increases in the money supply
C. Reductions in consumer spending
D. Improvements in education of U.S. workers
Answer: D. Improvements in education of U.S. workers
41. Which one of the following is not a U.S. supply shock?
A. Unions force an increase in national wage rates.
B. The oil supply from the Middle East drops 30%.
C. Extended droughts reduce U.S. food production 25%.

D. Chinese purchases of U.S. exports increase.
Answer: D. Chinese purchases of U.S. exports increase.
42. Pharmaceuticals, food, and other necessities would be good performers during the ____
stage of the business cycle.
A. peak
B. contraction
C. trough
D. expansion
Answer: B. contraction
43. Capital goods industries such as industrial equipment, transportation, and construction
would be good investments during the _____ stage of the business cycle.
A. peak
B. contraction
C. trough
D. expansion
Answer: C. trough
44. If you are going to earn abnormal returns based on your macroeconomic analysis, it will
most likely have to be because __________.
A. you have more information than others
B. you are a better analyst than others
C. you have the same information as others
D. you are an equally good analyst as others
Answer: B. you are a better analyst than others
45. If the economy is going into a recession, a good industry to invest in would be the
__________ industry.
A. automobile
B. banking
C. construction
D. medical services
Answer: D. medical services
46. Members of the Board of Governors of the Federal Reserve System are appointed by
____________ to serve _____________ terms.
A. the Senate; 10-year
B. the House of Representatives; 8-year
C. the President; 14-year
D. the Secretary of the Treasury; 6-year
Answer: C. the President; 14-year
47. A firm in the early stages of its industry life cycle will likely have _________.
A. low dividend payout rates
B. low rates of investment
C. low rates of return on investment
D. low R&D spending
Answer: A. low dividend payout rates
48. Which of the following describes the percentage of the total labor force that has yet to find
work?
A. The capacity utilization rate

B. The participation rate
C. The unemployment rate
D. The natural rate
Answer: C. The unemployment rate
49. Which of the following is the rate at which the general level of prices for goods and
services is rising?
A. The exchange rate
B. The gross domestic product growth rate
C. The inflation rate
D. The real interest rate
Answer: C. The inflation rate
50. An analyst starts by examining the broad economic environment and then considers the
implications of the economy on the industry in which the firm operates. Finally, the firm's
position within the industry is examined. This is called __________ analysis.
A. bottom-up
B. outside-inside
C. top-down
D. upside-down
Answer: C. top-down
51. Assume that the Federal Reserve increases the money supply. This will cause:
I. Interest rates to decrease
II. Consumption and investment to decrease
III. Inflation to fall
A. I only
B. I and II only
C. II and III only
D. I, II, and III
Answer: A. I only
52. The discount rate is the ________.
A. interest rate banks charge each other for overnight loans of deposits on reserve at the Fed
B. interest rate the Fed charges commercial banks on short-term loans
C. interest rate that the U.S. Treasury pays on its bills
D. interest rate that banks charge their best corporate customers
Answer: B. interest rate the Fed charges commercial banks on short-term loans
53. If the currency of your country is depreciating, this should __________ exports and
__________ imports.
A. stimulate; stimulate
B. stimulate; discourage
C. discourage; stimulate
D. discourage; discourage
Answer: B. stimulate; discourage
54. If interest rates increase, business investment expenditures are likely to __________ and
consumer durable expenditures are likely to _________.
A. increase; increase
B. increase; decrease
C. decrease; increase

D. decrease; decrease
Answer: D. decrease; decrease
55. Increases in the money supply will cause demand for investment and consumption goods
to __________ in the short run and may cause prices to __________ in the long run.
A. increase; increase
B. increase; decrease
C. decrease; increase
D. decrease; decrease
Answer: A. increase; increase
56. The nominal interest rate is 6%. The inflation rate is 3%. The exact real interest rate must
be _________.
A. 2.91%
B. 3.85%
C. 1.45%
D. 2.12%
Answer: A. 2.91%

57. The nominal interest rate is 10%. The real interest rate is 4%. The inflation rate must be
_________.
A. -6%
B. 4%
C. 5.77%
D. 14.4%
Answer: C. 5.77%

58. Order the following stages in the industry life cycle from the earliest to latest to occur
after the start-up phase:
I. Maturity
II. Relative decline
III. Consolidation
A. III, I, II
B. I, III, II
C. III, II, I
D. I, II, III
Answer: A. III, I, II
59. An investment strategy that entails shifting the portfolio into industry sectors that are
expected to outperform others based on macroeconomic forecasts is termed ______________.
A. sector rotation
B. contraction/expansion analysis
C. life-cycle analysis
D. business-cycle shifting
Answer: A. sector rotation

60. Firm A produces gadgets. The price of gadgets is $2 each. Firm A has total fixed costs of
$1,000,000 and variable costs of $1 per gadget. The corporate tax rate is 40%. If the economy
is strong, the firm will sell 2,000,000 gadgets. If the economy enters a recession, the firm will
sell only half as many gadgets. If the economy enters a recession, the after-tax profit of firm A
will be _________.
A. $0
B. $90,000
C. $180,000
D. $270,000
Answer: A. $0

61. Firm B produce gadgets. The price of gadgets is $2 each. Firm B has total fixed costs of
$300,000 and variable costs of $1.40 per gadget. The corporate tax rate is 30%. If the
economy is strong, the firm will sell 2,000,000 gadgets. If the economy enters a recession, the
firm will sell only half as many gadgets. If the economy is strong, the after-tax profit of firm
B will be _________.
A. $90,000
B. $210,000
C. $300,000
D. $630,000
Answer: D. $630,000

62. The fed funds rate is the __________.
A. interest rate that banks charge their best corporate customers
B. interest rate banks charge each other for overnight loans of deposits on reserve at the Fed
C. interest rate the Fed charges commercial banks on short-term loans
D. interest rate that the U.S. Treasury pays on its bills
Answer: B. interest rate banks charge each other for overnight loans of deposits on reserve at
the Fed
63. Firm B produce gadgets. The price of gadgets is $2 each. Firm B has total fixed costs of
$300,000 and variable costs of $1.40 per gadget. The corporate tax rate is 40%. What is the
breakeven number of gadgets B must sell to make a zero after-tax profit?
A. 300,000
B. 400,000

C. 500,000
D. 600,000
Answer: C. 500,000

64. The goal of supply-side policies is to _______.
A. increase government involvement in the economy
B. create an environment where workers and owners of capital have the maximum incentive
and ability to produce and develop goods
C. maximize tax revenues of the government
D. focus more on wealth redistribution policies
Answer: B. create an environment where workers and owners of capital have the maximum
incentive and ability to produce and develop goods
65. An industry analysis for manufacturers of a small personal care gadget observed the
following characteristics:
1. Industry sales have grown at 15%-20% per year in recent years and are expected to grow at
10%-15% per year over the next 3 years, still well above the economic growth rate.
2. Some U.S. manufacturers are attempting to enter fast-growing non-U.S. markets, which
remain largely unexploited.
3. Some manufacturers have created a new niche in the industry by selling directly to
customers through mail order. Sales for this industry segment are growing at 40% per year.
4. The current penetration rate in the United States is 60% of households and will be difficult
to increase.
5. Manufacturers compete fiercely on the basis of price, and price wars within the industry are
common.
6. Some manufacturers are able to develop new, unexploited niche markets in the United
States based on company reputation, quality, and service.
7. Several manufacturers have recently merged, and it is expected that consolidation in the
industry will increase.
8. New manufacturers continue to enter the market.
Characteristics 4 and 5 would indicate that the industry is in the _________ stage.
A. start-up
B. consolidation
C. maturity
D. relative decline
Answer: C. maturity
66. An industry analysis for manufacturers of a small personal care gadget observed the
following characteristics:
1. Industry sales have grown at 15%-20% per year in recent years and are expected to grow at
10%-15% per year over the next 3 years, still well above the economic growth rate.
2. Some U.S. manufacturers are attempting to enter fast-growing non-U.S. markets, which
remain largely unexploited.
3. Some manufacturers have created a new niche in the industry by selling directly to
customers through mail order. Sales for this industry segment are growing at 40% per year.
4. The current penetration rate in the United States is 60% of households and will be difficult
to increase.

5. Manufacturers compete fiercely on the basis of price, and price wars within the industry are
common.
6. Some manufacturers are able to develop new, unexploited niche markets in the United
States based on company reputation, quality, and service.
7. Several manufacturers have recently merged, and it is expected that consolidation in the
industry will increase.
8. New manufacturers continue to enter the market.
Characteristics _______ would be typical of an industry that is in the start-up stage.
A. 4 and 7
B. 1 and 4
C. 2 and 5
D. none of these options
Answer: D. none of these options
67. An industry analysis for manufacturers of a small personal care gadget observed the
following characteristics:
1. Industry sales have grown at 15%-20% per year in recent years and are expected to grow at
10%-15% per year over the next 3 years, still well above the economic growth rate.
2. Some U.S. manufacturers are attempting to enter fast-growing non-U.S. markets, which
remain largely unexploited.
3. Some manufacturers have created a new niche in the industry by selling directly to
customers through mail order. Sales for this industry segment are growing at 40% per year.
4. The current penetration rate in the United States is 60% of households and will be difficult
to increase.
5. Manufacturers compete fiercely on the basis of price, and price wars within the industry are
common.
6. Some manufacturers are able to develop new, unexploited niche markets in the United
States based on company reputation, quality, and service.
7. Several manufacturers have recently merged, and it is expected that consolidation in the
industry will increase.
8. New manufacturers continue to enter the market.
Characteristics ____ would be typical of an industry that is in the consolidation stage.
A. 6 and 7
B. 1 and 4
C. 5 and 6
D. 2 and 8
Answer: A. 6 and 7
68. An industry analysis for manufacturers of a small personal care gadget observed the
following characteristics:
1. Industry sales have grown at 15%-20% per year in recent years and are expected to grow at
10%-15% per year over the next 3 years, still well above the economic growth rate.
2. Some U.S. manufacturers are attempting to enter fast-growing non-U.S. markets, which
remain largely unexploited.
3. Some manufacturers have created a new niche in the industry by selling directly to
customers through mail order. Sales for this industry segment are growing at 40% per year.
4. The current penetration rate in the United States is 60% of households and will be difficult
to increase.

5. Manufacturers compete fiercely on the basis of price, and price wars within the industry are
common.
6. Some manufacturers are able to develop new, unexploited niche markets in the United
States based on company reputation, quality, and service.
7. Several manufacturers have recently merged, and it is expected that consolidation in the
industry will increase.
8. New manufacturers continue to enter the market.
Which of the characteristics would be typical of an industry that is in the maturity stage?
A. 1, 2, and 3
B. 4 and 5
C. 6, 7, and 8
D. all of these options
Answer: B. 4 and 5
69. Countercyclical fiscal policy is best described by which of the following statements?
A. Government surpluses are planned during economic booms, and deficits are planned
during economic recessions.
B. The annual budget should always be balanced.
C. Deficits should always equal surpluses.
D. Government deficits are planned during economic booms, and surpluses are planned
during economic recessions.
Answer: A. Government surpluses are planned during economic booms, and deficits are
planned during economic recessions.
70. A supply-side economist would likely agree with which of the following statements?
A. Real output and aggregate employment are primarily determined by aggregate demand.
B. Real income will rise when government expenditures and tax rates increase.
C. Real output and aggregate employment are primarily determined by tax rates.
D. Increasing the money supply will increase real output without causing higher inflation.
Answer: C. Real output and aggregate employment are primarily determined by tax rates.
71. Which of the following actions should the central bank take if monetary authorities want
to reduce the supply of money to slow the rate of inflation?
A. Sell government bonds, reducing money supply, increasing interest rates, and slowing
aggregate demand.
B. Buy government bonds, reducing money supply, increasing interest rates, and slowing
aggregate demand.
C. Decrease the discount rate, lowering interest rates and causing both costs and prices to fall.
D. Increase taxes, reducing costs and causing prices to fall.
Answer: A. Sell government bonds, reducing money supply, increasing interest rates, and
slowing aggregate demand.
72. The decline in the value of the dollar relative to the yen will have what impact on the
purchase of U.S. goods in Japan?
A. U.S. goods will increase in cost, and Japan will import more.
B. U.S. goods will increase in cost, and Japan will import less.
C. U.S. goods will decrease in cost, and Japan will import more.
D. U.S. goods will increase in cost, and Japan will export less.
Answer: C. U.S. goods will decrease in cost, and Japan will import more.
73. Which of the following are examples of cyclical industries?

I. Maytag
II. Computer chip manufacturers
III. Kellogg's Frosted Flakes
IV. Pfizer
A. I and II only
B. I, II, and III only
C. II, III, and IV only
D. I, II, III, and IV
Answer: A. I and II only
74. You would expect the beta of cyclical industries to be ______ and the beta of defensive
industries to be ______.
A. greater than 1; less than 1
B. less than 1; less than 1
C. less than 1; greater than 1
D. greater than 1; greater than 1
Answer: A. greater than 1; less than 1
75. What economic variable is most closely associated with increasing corporate profits?
A. Exchange rates
B. Inflation
C. Gross domestic product
D. Budget deficits
Answer: C. Gross domestic product
76. The federal government decides to pay for the transition to private social security accounts
with a one-time $1 trillion bond issue. What will be the biggest concern to businesses relative
to the "crowding out" effect?
A. Higher interest rates due to the new government borrowing
B. Inflation resulting from more government purchases
C. A negative supply shock
D. Shortage of investment due to new accounts
Answer: A. Higher interest rates due to the new government borrowing
77. An expanding economy requires more workers. If the supply of workers becomes
inadequate to meet the demand, what is the likely impact on the economy?
A. An economic slowdown is likely
B. Employment trends will reverse and unemployment will occur
C. Government deficits will result from capacity utilization
D. Inflation may result from upward wage pressures
Answer: D. Inflation may result from upward wage pressures
78. An expanding economy puts stress on the manufacturing ability of a company. When a
firm turns business down during periods of economic expansion, a problem exists in the area
of ____________.
A. asset allocation
B. capacity utilization
C. employment management
D. strategic planning
Answer: B. capacity utilization

79. The expansion of the money supply at a rate that exceeds the increase in goods and
services will likely result in ___________.
A. expanding economy
B. increased inflation
C. interest rate declines
D. lower GDP
Answer: B. increased inflation
80. The supply of funds in the economy is controlled primarily by ____________.
A. the Federal Reserve System
B. Congress
C. money center banks
D. the Treasury department
Answer: A. the Federal Reserve System
81. The classification system used to classify firms into industries is now called the _____
code.
A. SIC
B. NAICS
C. ISO 57
D. ISM
Answer: B. NAICS
82. During 2004 China increased its use of global oil by 40%. This followed a 100% increase
during the previous 5 years. How do economists refer to this kind of economic event?
A. Demand shock
B. Equilibrium event
C. Expanding commodity event
D. Supply shock
Answer: A. Demand shock
83. Whenever OPEC attempts to influence the price of oil by significantly altering production,
economists refer to this type of event as a ______________.
A. demand shock
B. equilibrium event
C. expanding commodity event
D. supply shock
Answer: D. supply shock
84. Items that are ____________ and product purchases for which ________ is not important
tend to be less cyclical in nature.
A. necessities; income
B. luxuries; leverage
C. discretionary goods; time of purchase
D. produced with high fixed costs; entertainment
Answer: A. necessities; income
85. Cash cows are typically found in the _________ stage of the industry life cycle.
A. start-up
B. consolidation
C. maturity
D. relative decline

Answer: C. maturity
86. At what point in the industry life cycle are inefficiencies in competitors most likely to be
removed?
A. Start-up stage
B. Consolidation stage
C. Maturity stage
D. Relative decline stage
Answer: B. Consolidation stage
87. Stalwarts are typically found in the _________ stage of the industry life cycle.
A. start-up
B. consolidation
C. maturity
D. relative decline
Answer: B. consolidation
88. Large-growth companies generally emerge in the __________ stage.
A. start-up
B. consolidation
C. maturity
D. relative decline
Answer: B. consolidation
89. Which of the following are barriers to entry?
I. Large economies of scale required to be profitable
II. Established brand loyalty
III. Patent protection for the firm's product
IV. Rapid industry growth
A. I and II only
B. I, II, and III only
C. II, III, and IV only
D. III and IV only
Answer: B. I, II, and III only

Test Bank for Essentials of Investments
Zvi Bodie, Alex Kane, Alan Marcus
9780078034695, 9789389957877, 9781264140251, 9781260316148, 9780073382401, 9780078034695, 9781260013924, 9780077835422

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