Joe sold gold coins for $1,000 that he bought a year ago for $1,000. He says, "At least I didn't lose any money on my financial investment." His economist friend points out that in effect he did lose money because he could have received a 3 percent return on the $1,000 if he had bought a bank certificate of deposit instead of the coins. The economist's analysis in this case incorporates the idea of

A) opportunity costs.
B) marginal benefits that exceed marginal costs.
C) imperfect information.
D) normative economics.

The following data are available relating to the performance of Scooner Stock Fund and the market portfolio: $\begin{array}{lcc}& \text{ Scooner }& \text{ Market }\\ & & \text{ Portfolio }\\ \text{ Average return }& 19\%& 12\%\\ \text{ Standard deviations of returns }& 35\%& 15\%\\ \text{ Beta }& 1.5& 1.0\\ \text{ Residual standard deviation }& 3.0\%& 0.0\%\end{array}$

The risk-free return during the sample period was 6%.
What is the Treynor measure of performance evaluation for Scooner Stock Fund?

A) 1.33%
B) 4.00%
C) 8.67%
D) 31.43%
E) 37.14%

Informal groups that emerge for a wide variety of personal reasons (including shared non-work interests) are called:

A) autonomous groups.
B) friendship groups.
C) support groups.
D) interest groups.
E) enabling groups.

Which of the following is not a requirement for becoming a holder in due course?

A) The party must be a holder of a complete and authentic negotiable instrument.
B) The holder must take the instrument for value.
C) The holder must take the instrument in good faith.
D) The holder must take the instrument without notice of defects.
E) The holder must either pay for the instrument or receive it as a gift.

Ross, a manager at Cyberdawn Inc., always looks for solutions where each party in a conflict wins an equal bit and loses an equal bit. Ross follows the ___ approach to conflict management.

A) collaboration
B) avoidance
C) competition
D) compromise
E) accommodation

The ______ patent protects unique or new forms or shapes of a product.

A) utility
B) design
C) plant
D) novelty