D. volume 48. If the risk-free rate stayed the same while the expected return to the market portfolio decreased, which of the following would the CAPM predict? A. The expected return to all stocks would decrease. B. The expected return to stocks with betas below one would increase. C. The expected return to stocks with betas above one would increase D. Both B. and C. would occur. 53. Which statement is false? A. Financial statements reflect economic costs. B. Year-over-year decreases in liabilities are sources of cash. C. A stock with a beta of 1.00 has the total risk of the market portfolio. D. Shareholders have the prior claim to the cash flows of a corporation. E. All of the above are true. 55. NOPAT includes all of the following except A. Revenue B. Depreciation & Amortization C. Interest Expense D. Cost of Goods Sold E. Selling, General, and Administrative Expenses