2. 外语
  3. To finance the national debt, the government issues a variety of debt securities. The most widely held liquid security is the Tr

To finance the national debt, the government issues a variety of debt securities. The most widely held liquid security is the Tr

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问题     To finance the national debt, the government issues a variety of debt securities. The most widely held liquid security is the Treasury bill, which is commonly issued by the ministry of finance. However, some Treasury bills, like the Treasury bill of the U. S. government, do not actually pay interest. Instead they are issued at a discount from par(their value at maturity). The investor’ s yield comes from the increase in the value of the security between the time it was purchased and the time it matures.
    Treasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk. Because even if the government ran out of money, it could simply print more to pay them off when they mature. The risk of unexpected changes in inflation is also low because of the short term to maturity. The markets for Treasury bills in most developed countries are deep and liquid. A deep market is one with many different buyers and sellers. A liquid market is one in which securities can be bought and sold quickly and with low transaction costs. Investors in markets that are deep and liquid have little risk that they will not be able to sell their securities when they want to.
The markets for treasury bills in most developed countries have many different buyers and sellers.
选项 A、Right
B、Wrong
C、Doesn’t say
答案A
解析 第二段提及The markets for Treasury bills in most developed countries are deep and liquid．A deep market is one with many different buyers and sellers，在发达国家，国库券市场层次分明，流动性强。市场层次分明是指国库券市场有大量不同类型的买主和卖主。因此该说法是正确。
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