If a CFA Institute member knows that a fellow employee has violated a law, according to Standard Ⅰ (A) the member must NOT do which of the following（）
A. Report the employee violating the law to the appropriate supervisor in the firm.
B. Report the employee violating the law to the SEC.
C. Disassociate from the employee violating the law.
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Which of the following is least accurate regarding obstacles to the efficient allocation of resources in a competitive market（）
A. Taxes and trade restrictions impede the efficient allocation of resources.
B. Quotas result in production of less than the efficient quantity of the good.
C. Public goods, such as national defense, tend to be overproduced because they can be consumed by everyone whether they pay for the goods or not.
Which of the following statements regarding the net present value (NPV) and internal rate of return (IRR) is least accurate（）
A. The NPV tells how much the value of the firm will increase if you accept the project.
B. For mutually exclusive projects, the internal rate of return IRR and the net present value NPV methods may give conflicting accept/reject decisions.
C. For mutually exclusive projects, you must accept the project with the highest NPV regardless of the sign of the NPV calculation.
Will the covariance of returns for two common stocks be negative if the actual returns on both stocks tend to be: Above their expected returns Below their expected returns at the same time at the same time （）
A. No No
B. No Yes
C. Yes No
Which of the following statements about indexes is TRUE （）
A price-weighted index assumes an equal number of shares (one of each stock) represented in the index.
B. An unweighted index assumes a proportionate market value investment in each company in the index.
C. A value weighted index assumes an investor makes and maintains an equal dollar investment in each stock in their portfolio.
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