An IOU that promises to pay a certain amount at maturity, and also to pay periodic fixed amounts until that date, is called a(n)
A. stock.
B. equity.
C. bond.
D. futures contract.
Answer: C
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All large firms have monopoly power.
Answer the following statement true (T) or false (F)
Which group has the highest poverty rate?
A. Non-Hispanic whites B. Blacks C. Hispanics
If three firms of similar sizes join to form a cartel, then it is most likely that
A. all three firms will stop producing. B. they will collectively produce more than before. C. all three firms will earn zero profits. D. they will charge a common, higher market price.
The short-run elasticity of supply is less than the long-run elasticity of supply
A) because consumers' tastes and preferences change in the long run but not in the short run. B) because producers can adjust the amount of machinery in the long run but not in the short run. C) only for durable goods. D) only for nondurable goods.