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Which of the following is a characteristic shared by money-market instruments such as T-bills, commercial paper, and banker's acceptances?
a.They all mature in more than 10 years
b.They are short-term, highly liquid debt instruments
c.They all pay tax-exempt interest
d.They are all backed by the full faith and credit of the U.S. government
Giải thích
Money-market instruments are short-term debt securities (generally maturing in one year or less) that are highly liquid and relatively low risk. T-bills, commercial paper, banker's acceptances, and negotiable CDs are all examples. They differ in issuer and backing, so not all are government-guaranteed or tax-exempt, but all share the short-term, liquid profile.
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