A _______________ is a bond issued by the federal government.
a. municipal bond
b. Treasury bond
c. corporate bond
d. high-yield bond
b. Treasury bond
Firms issue corporate bonds, but various levels of government also issue bonds. For example, cities issue municipal bonds, U.S. states issue state bonds, and the federal government issues Treasury bonds through the U.S. Department of the Treasury.
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The marginal revenue product of labor is defined as
A) the change in the firm's output as a result of hiring one more worker. B) the change in the firm's revenue as a result of selling one more unit of output. C) the change in the firm's profit as a result of hiring one more worker. D) the change in the firm's revenue as a result of hiring one more worker.
Refer to the above figure for the corn market. The government wants to set an effective price support in the corn market. To be effective the price should be set
A) below P1. B) at P1. C) at P2. D) at P3.
The price of coal fell and the quantity sold also fell. Everything else being equal, it is consistent that
a. the price of oil fell. b. coal miners received large wage increases. c. more efficient mining equipment was installed. d. consumer incomes rose. e. the supply of coal fell.
Exhibit 6A-3 Consumer equilibrium
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Given the budget line and indifference curves shown in Exhibit 6A-3, assume the consumer is initially at point W. To maximize total utility, the consumer should:
A. purchase more of good Y and less of good X. B. remain at point W. C. move to point X and then point Y. D. purchase more of good X and less of good Y.