61 . Which of the following statements about NPV and IRR is NOT correct?
A)   The IRR can be positive even if the NPV is negative.
B)    When the IRR is equal to the cost of capital, the NPV equals zero.
C)    The NPV will be positive if the IRR is less than the cost of capital.
 
62 . An investment policy statement for a firm’s short-term cash management function would least appropriately include:
A)   information on who is allowed to invest corporate cash.
B)    procedures to follow if the investment guidelines are violated.
C)    a list of permissible securities.
 
63 .The before-tax cost of debt for Hardcastle Industries, Inc. is currently 8.0%, but it will increase to 8.25% when debt levels reach $600 million. The debt-to-total assets ratio for Hardcastle is 40% and its capital structure is composed of debt and common equity only. If Hardcastle changes its target capital structure to 50% debt / 50% equity, which of the following describes the effect on the level of new investment at which the cost of debt will increase? The level will:
A)   change, but can either increase or decrease.
B)    increase.
C)    decrease.
 
64 . If the market demand for a product increases in a competitive market, then price:
A)     will increase and quantity will decrease.
B)     and quantity will increase.
C)     will decrease and quantity will increase.
 
65 . A firm can determine its profit-maximizing quantity of output by producing up to the quantity at which:
A)   total revenue equals total cost.
B)    average revenue equals average total cost.
C)    marginal revenue equals marginal cost.
　　
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