老师，这个题目求计算过程

10.单选题 已收藏 标记 纠错 Which of the following industry characteristics is generally least likely to produce high returns on capital? A High barriers to entry. B High degree of concentration. C Short lead time to build new plants. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：85% Pricing power and price competition难度：一般 推荐：      答案解析 With short lead times, industry capacity can be rapidly increased to satisfy demand, but it may also lead to overcapacity, and lower profits. 问：“ returns on capital”这个术语等于ROA还是ROE,capital具体能划分成财务的什么？

04.单选题 已收藏 标记 纠错 Which of the following industries is least affected by technological innovation? A Oil services. B Pharmaceuticals. C Confections and candy. 查看解析 上一题 下一题 正确答案C 您的答案A本题平均正确率：82% Macroeconomic analysis难度：一般 推荐：      答案解析 Innovation does not play a large role in the candy industry. 问：记得有一道题中：oil service指的是加油这项服务，到底是原油开采还是加油服务？如果是加油的话，能不能理解成以后人工智能出来了，就不用人来加油了，所以受到技术影响很大？请逐次回答，谢谢

13.单选题 已收藏 标记 纠错 Which of the following firm’s earnings are most likely to be cyclical? A The firm produces luxury items. B Most of the firm’s costs depend on its level of output. C The firm operates in a growth industry. 查看解析 上一题 提交试卷 正确答案A 您的答案A本题平均正确率：60% Industry life cycle models难度：一般 推荐：      答案解析 Producers of luxury items tend to have cyclical earnings because consumers typically decrease their purchases of these items during economic recessions. The earnings of firms with high percentages of variable costs are not as likely to be cyclical as those of firms with high percentages of fixed costs (i.e., high operating leverage). A growth industry has demand that is strong enough that earnings remain relatively unaffected by the business cycle. 问：B为什么固定成本依赖于产出的行业是非周期的，举例说明可否？

04.单选题 已收藏 标记 纠错 In which of the following life-cycle phases are price wars most likely to be absent? A Mature. B Decline. C Growth. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：56% Industry life cycle models难度：一般 推荐：      答案解析 The growth phase is not likely to experience price wars because expanding industry demand provides companies the opportunity to grow even without increasing market share. When industry growth is stagnant, companies may only be able to grow by increasing market share, e.g., by engaging in price competition. 问：成熟期和消亡期的价格战分别体现在哪些地方？

02.单选题 已收藏 标记 纠错 According to the industry life-cycle model, an industry in the shakeout stage is best characterized as experiencing: A Increasing demand but falling prices. B Slowing growth and intense competition. C Little or no growth and industry consolidation. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：77% Industry life cycle models难度：一般 推荐：      答案解析 The shakeout stage is usually characterized by slowing growth, intense competition, and declining profitability. During the shakeout stage, demand approaches market saturation levels because few new customers are left to enter the market. Competition is intense as growth becomes increasingly dependent on market share gains. 问：a为什么不对？

10.单选题 收藏 标记 纠错 Industry analysis is least useful to those who are engaged in: A A top-down investment approach. B Portfolio performance attribution. C Indexing and passive investing strategies. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：70% Current industry classification systems难度：一般 推荐：      答案解析 Indexing and passive investing strategies would not engage in over- or underweighting of industries, industry rotation, or timing investments in industries. Therefore, industry analysis is not useful to such investors or portfolio managers 问：C为何不相关，可否详细解释？

如果这道题拿NI加减A/p，A/R什么的话，那第二题也该把这些加进去呀

请问一下一收四支时direct method 里面的呀而且是拿net sales 做加减运算。为什么这里是net income作为beginning? 在indirect method中应该是NI+depreciation+／- L/G- ▶️working K就好了吗？

B答案没有听明白是什么意思，什么叫必须是input是正确的output才是正确的，input不正确output就不正确啦？这不是跟没说一样