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PAGE 136Mishkin/Eakins?Financial Markets and Institutions, Fifth Edition
Chapter 10The Bond Market PAGE 135
Chapter 10 The Bond Market
?Multiple Choice Questions
1. Compared to money market securities, capital market securities have
(a) more liquidity.
(b) longer maturities.
(c) lower yields.
(d) less risk.
Answer: B
2. (I) Securities that have an original maturity greater than one year are traded in capital markets. (II) The best known capital market securities are stocks and bonds.
(a) (I) is true, (II) false.
(b) (I) is false, (II) true.
(c) Both are true.
(d) Both are false.
Answer: C
3. (I) Securities that have an original maturity greater than one year are traded in money markets. (II) The best known money market securities are stocks and bonds.
(a) (I) is true, (II) false.
(b) (I) is false, (II) true.
(c) Both are true.
(d) Both are false.
Answer: D
4. (I) Firms and individuals use the capital markets for long-term investments. (II) The capital markets provide an alternative to investment in assets such as real estate and gold.
(a) (I) is true, (II) false.
(b) (I) is false, (II) true.
(c) Both are true.
(d) Both are false.
Answer: C
5. The primary reason that individuals and firms choose to borrow long-term is to reduce the risk that interest rates will _________ before they pay off their debt.
(a) rise
(b) fall
(c) become more volatile
(d) become more stable
Answer: A
6. A firm that chooses to finance a new plant by issuing money market securities
(a) must incur the cost of issuing new securities to roll over its debt.
(b) runs the risk of having to pay higher interest rates when it rolls over its debt.
(c) incurs both the cost of reissuing securities and the risk of having to pay higher interest rates on the new debt.
(d) is more likely to profit if interest rates rise while the plant is being constructed.
Answer: C
7. The primary reason that individuals and firms choose to borrow long-term is to
(a) reduce the risk that interest rates will fall before th
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