23. In what scenario can the standard P/E ratio be deceiving? A. A sudden financial/economic crisis B. Increase in costs (e.g. PPI) C. Decrease in costs D. Flash crash 24. The average rate of return on U.S. Treasury bills since 1926 was A. Over 12% B. less than 4% C. over 4% D. less than 1% 25. represents an ownership share in a corporation. A. common stock B. a call option C. a fixed-income security D. preferred stock 26. The invoice price of a bond is the A. stated or flat price in a quote sheet minus accrued interest B. bid price C. stated or flat price in a quote sheet plus accrued interest D. average of the bid and ask price 27. Investors will earn higher rates of returns on TIPS than on equivalent default-risk standard bonds if A. inflation is higher than anticipated over the investment period B. inflation is lower than anticipated over the investment period C. the spread between commercial paper and Treasury securities remains low D. the U.S. dollar increases in value against the euro 28. Which situation describes an inverted yield curve best? (i.e. 10y - 2y spread is negative) A. long-term investors are selling long-term treasuries, expecting slower economic growth