An individual experiencing periods of elevated mood, increased energy, racing thoughts, and decreased need for sleep, alternating with periods of profound sadness and hopelessness, would most likely be diagnosed with:

The correct answer to the question "An individual experiencing periods of elevated mood, increased energy, racing thoughts, and decreased need for sleep, alternating with periods of profound sadness and hopelessness, would most likely be diagnosed with:" is Option B: Bipolar disorder.

The other options — A) Generalized anxiety disorder, C) Schizophrenia, D) Major depressive disorder — are incorrect for this CLEP Exam Prep question. As explained above: Bipolar disorder is characterized by significant mood swings, including episodes of mania (elevated mood, hyperactivity) and major depression. This pattern is distinctive of the disorder.