1. A competitive bid in the Treasury securities auction market has all of the following characteristics except:
a. the bidder specifying the quantity of bills desired
b. the price the investor wishes to pay
c. large, institutional investors
d. bids for a maximum of $5,000,000

2. All of the following represents a characteristic of money market instruments except:
a. low default risk
b. guaranteed marketability
c. debt obligation
d. short term

3. The money market security with the lowest yield to the investor is likely to be:
a. a Treasury bill.
b. commercial paper.
c. agency issues.
d. negotiable CDs

4. All of the following money market participants are major investors in money market securities except:
a. Federal Reserve banks.
b. the U.S. Treasury.
c. commercial banks.
d. corporate business.

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