NO.PZ2016021705000018
问题如下：
With regard to capital allocation, an appropriate estimate of the incremental cash flows from a project is least likely to include:
选项：
A. externalities.
B. interest costs.
C. opportunity costs.
解释：
B is correct.
Costs to finance the project are taken into account when the cash flows are discounted at the appropriate cost of capital; including interest costs in the cash flows would result in double-counting the cost of debt.
做capital budgeting时要考虑外部性，但计算NPV的公式中，是如何体现外部性影响的呢？不是很懂