Which of the following is not one of the three criteria for an investment rule?

	a.	The rule should focus on profitability.
	b.	The rule should provide a balance between subjective assessments and consistent evaluation of projects.
	c.	The rule should be able to be applied to a variety of types of projects.

Which of the following is not true about using the internal rate of return to evaluate projects?

	a.	The IRR is the rate that make the NPV of the project equal to zero.
	b.	Acceptable projects have an IRR greater than the hurdle rate.
	c.	IRR provides a measure of the amount of value added to the firm for an acceptable project.

Which of the following is not a source of competitive advantage that creates barriers to new or existing competitors taking on a similar project?

	a.	Presence of excess returns.
	b.	Economies of scale.
	c.	Product differentiation.