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Of the four theories that explain how interest rates on bonds with different terms to maturity are related, the one that views long-term interest rates as equaling the average of future short-term rates expected to occur over the life of the bond is the ().

A. pure expectations theory
B. segmented markets theory
C. liquidity premium theory
D. preferred habitat theory

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According to the efficient market hypothesis, the current price of a financial security ().

A. is the discounted net present value of future interest payments
B. is determined by the highest successful bidder
C. fully reflects all available relevant information
D. is a result of none of the above

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How expectations are formed is important because expectations influence ().

A. the demand for assets
B. bond prices
C. the risk structure of interest rates
D. the term structure of interest rates
E. all of the above

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When the federal government's budget deficit decreases, the () curve for bonds shifts to the ().

A. demand; right
B. demand; left
C. supply; left
D. supply; right

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A credit market instrument that pays the owner the face value of the security at the maturity date and nothing prior to then is called a ().

A. simple loan
B. fixed-payment loan
C. coupon bond
D. discount bond

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Of the four theories that explain how interest rates on bonds with different terms to maturity are related, the one that views long-term interest rates as equaling the average of future short-term rates expected to occur over the life of the bond is the ().

A. pure expectations theory B. segmented markets theory C. liquidity premium theory D. preferred habitat theory

According to the efficient market hypothesis, the current price of a financial security ().

How expectations are formed is important because expectations influence ().

When the federal government's budget deficit decreases, the () curve for bonds shifts to the ().

A credit market instrument that pays the owner the face value of the security at the maturity date and nothing prior to then is called a ().

A. pure expectations theory
B. segmented markets theory
C. liquidity premium theory
D. preferred habitat theory