Which of the Following Statements Is FALSE

Which of the following statements is FALSE?

A) The data show a clear preference for equity as a source of external financing for the total population of U.S.firms.
B) Debt as a fraction of firm value has varied in a range from 30-45% for the average firm.
C) Capital expenditures greatly exceed firms' external financing,implying that most investment and growth is supported by internally generated funds,such as retained earnings.
D) Firms in growth industries like biotechnology or high technology carry very little debt,whereas airlines,auto makers,utilities,and financial firms have high leverage ratios.