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CHAPTER 3—THE GLOBAL MARKET INVESTMENT DECISION TRUE/FALSE 1. The U.S. equity and bond markets have grown in terms of their relative size of the world equity and bond market. ANS: F
PTS: 1
2. Diversification with foreign securities can help reduce portfolio risk. ANS: T
PTS: 1
3. The total domestic return on German bonds is the return that would be experienced by an U.S. investor who owned German bonds. ANS: F
PTS: 1
4. If the exchange rate effect for Japanese bonds is negative, it means that the domestic rate of return will be greater than the U.S. dollar return. ANS: T
PTS: 1
5. A U.S. investor who ignores foreign markets reduces overall number of investment choices. ANS: T
PTS: 1
6. Treasury bills are long-term investments that make regular interest and principal payments. ANS: F
PTS: 1
7. A debenture is an option issued by a corporation that gives the holder the right to acquire common stock from the issuing firm at a specified price within a designated period of time. ANS: F
PTS: 1
8. Income bonds are considered as safe as debentures because they pay higher rates of interest. ANS: F
PTS: 1
9. A Eurobond is an international bond denominated in a currency other than that of the United States. ANS: F
PTS: 1
10. Warrants are options often issued in connection with the sale of fixed income securities. ANS: T
PTS: 1
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
11. A call option is usually issued in conjunction with convertible bonds. ANS: F
PTS: 1
12. Yields on money market funds are often lower than yields available to individuals investing in CD's because of the fees involved. ANS: F
PTS: 1
13. Municipal bond nominal yields are generally below comparable taxable bond yields. ANS: T
PTS: 1
14. REITS are investment companies that invest in high-quality money market instruments such as Treasury bills, high-grade commercial paper, and large CD's. ANS: F
PTS: 1
15. It is very important when diversifying that the correlation between rates of return for various countries be high and very stable over time. ANS: F
PTS: 1
16. The decrease in the standard deviation of returns after adding 40 to 50 securities within a country is known as domestic diversification. ANS: T
PTS: 1
17. Government agency securities are issued by local government entities as either general obligation or revenue bonds. ANS: F
PTS: 1
18. Subordinated bondholders have claim to the assets of the firm only after the firm has satisfied the claims of all senior secured and debenture bondholders. ANS: T
PTS: 1
19. The relative size of U.S. financial markets to the total investable assets in the global capital markets has grown considerably over the last three decades. ANS: F
PTS: 1
20. The correlation of returns between a single pair of countries remains constant over time. ANS: F
PTS: 1
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
MULTIPLE CHOICE 1. An investor who purchases a put option: a. Has the right to buy a given stock at a specified price during a designated time period. b. Has the right to sell a given stock at a specified price during a designated time period. c. Has the obligation to buy a given stock at a specified price during a designated time period. d. Has the obligation to sell a given stock at a specified price during a designated time period. e. None of the above. ANS: B
PTS: 1
OBJ: Multiple Choice
2. If you are considering investing in German stocks as a means to reduce the risk of your portfolio, the initial factor that you should examine is: a. The average rate of return of the portfolio when you combine U.S. and German stocks. b. The standard deviation of the German stocks. c. The standard deviation of the German stocks compared to the standard deviation of U.S. stocks. d. The correlation between the rates of return for German stocks and U.S. stocks. e. The coefficient of variation (CV) of rates of return for German stocks versus the CV of rates of return for U.S. stocks. ANS: D
PTS: 1
OBJ: Multiple Choice
3. All of the following are considered fixed income investments except a. Corporate bonds. b. Preferred stock. c. Treasury bills, notes, and bonds. d. Money market mutual funds. e. Certificates of deposit (CDs). ANS: D
PTS: 1
OBJ: Multiple Choice
4. Capital market instruments include all of the following except a. U.S. Treasury notes and bonds. b. U.S Treasury bills. c. U.S. government agency securities. d. Municipal bonds. e. Corporate bonds. ANS: B
PTS: 1
OBJ: Multiple Choice
5. The original maturity of a United States Treasury note is a. Zero years to five years. b. Six months to ten years. c. One year or less. d. One year to ten years. e. Over ten years. ANS: D
PTS: 1
OBJ: Multiple Choice
6. The original maturity of a United States Treasury bill is a. Zero years to five years.
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
b. c. d. e.
Six months to ten years. One year or less. One year to ten years. Over ten years.
ANS: C
PTS: 1
OBJ: Multiple Choice
7. The original maturity of a United States Treasury bond is a. Zero years to five years. b. Six months to ten years. c. One year or less. d. One year to ten years. e. Over ten years. ANS: E
PTS: 1
OBJ: Multiple Choice
8. Which of the following is not a U.S. government agency? a. Federal National Mortgage Association b. Federal Home Loan Bank c. Government National Mortgage Association d. Government Employees Insurance Company e. Federal Housing Administration ANS: D
PTS: 1
OBJ: Multiple Choice
9. The legal document setting forth the obligations of a bond's issuer is called a. A debenture. b. A warrant. c. An indenture. d. The preemptive right. e. A trustee deed. ANS: C
PTS: 1
OBJ: Multiple Choice
10. All of the following are considered fixed income securities except a. Debentures. b. Eurobonds. c. Preferred stock. d. Mutual funds. e. Yankee bonds. ANS: D
PTS: 1
OBJ: Multiple Choice
11. The purchase and sale of commodities for current delivery and consumption is known as dealing in the ____ market. a. Futures b. Spot c. Money d. Capital e. Options ANS: B
PTS: 1
OBJ: Multiple Choice
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
12. An investor who purchases a call option: a. Has the right to buy a given stock at a specified price during a designated time period. b. Has the right to sell a given stock at a specified price during a designated time period. c. Has the obligation to buy a given stock at a specified price during a designated time period. d. Has the obligation to sell a given stock at a specified price during a designated time period. e. None of the above. ANS: A
PTS: 1
OBJ: Multiple Choice
13. If this year is consistent with historical trends you would expect the return for small capitalization stocks to be a. Below common stocks and above long-term government bonds. b. Below common stocks and below long-term government bonds. c. Above last year's return on the same stocks. d. Above common stock, long-term government, and corporate bonds. e. The least variable among long-term bonds and common stocks. ANS: D
PTS: 1
OBJ: Multiple Choice
14. The correlation between U.S. equities and U.S. government bonds is a. Strongly positive. b. Weakly Positive. c. Strongly Negative. d. Weakly Negative. e. Indeterminate. ANS: B
PTS: 1
OBJ: Multiple Choice
15. The best way to directly acquire the shares of a foreign company is through a. International mutual funds. b. Global mutual funds. c. American Depository Receipts. d. Investment in U.S. companies operating internationally. e. Eurobonds. ANS: C
PTS: 1
OBJ: Multiple Choice
16. Which of the following would be considered a low liquidity investment? a. Warrants b. Call options c. Zero coupon bonds d. Balanced mutual funds e. Diamonds ANS: E
PTS: 1
OBJ: Multiple Choice
17. An agreement that provides for the future delivery or receipt of an asset at a specified date for a specified price is a a. Eurobonds contract. b. Futures contract. c. Put option contract. d. Call option contract. e. Warrant contract.
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
ANS: B
PTS: 1
OBJ: Multiple Choice
18. Which of the following is not a type of investment company? a. Money market funds b. Common stock funds c. Balanced funds d. Bond funds e. None of the above ANS: E
PTS: 1
OBJ: Multiple Choice
19. Antiques, art, coins, stamps, jewelry, etc., are not included in the investment portfolios of financial institutions because a. Prices vary substantially. b. Transaction costs are relatively high. c. They are illiquid. d. All of the above. e. None of the above. ANS: D
PTS: 1
OBJ: Multiple Choice
20. Rank the following four investments in increasing order of historical risk. a. Art, T-bills, corporate bonds, and common stock b. T-bills, common stock, corporate bonds, art c. Corporate bonds, T-bills, common stock, art d. Common stock, corporate bonds, T-bills, art e. T-bills, corporate bonds, common stock, art ANS: E
PTS: 1
OBJ: Multiple Choice
21. An ETF (exchange traded fund): a. Is priced once a day at the opening of trading. b. Is priced once a day at the close of trading. c. Is priced continuously during the trading day. d. Is priced at the open and close of trading. e. None of the above. ANS: C
PTS: 1
OBJ: Multiple Choice
22. A statistic that measures how two variables tend to move together is the a. Coefficient of variation b. Correlation coefficient c. Standard deviation d. Mean e. Variance ANS: B
PTS: 1
OBJ: Multiple Choice
23. Which of the following statements concerning historical investment risk and return is false? a. The geometric mean of the rates of return was always lower than the arithmetic mean of the rates of return. b. The rates of return on long-term U.S. government bonds were lower than on stocks.
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
c. Real estate investments consistently provide higher rates of return than those provided by common stock. d. Stocks and bonds experienced results in the middle of the art and antiques series. e. none of the above (that is, all are true statements) ANS: C
PTS: 1
OBJ: Multiple Choice
24. Which of the following are reasons that U.S. investors should consider foreign markets when constructing global portfolios. a. Ignoring foreign markets reduced their choices of investment opportunities. b. Foreign markets have low correlations with U.S. markets. c. Returns on non-U.S. stocks can substantially exceed returns for U.S securities. d. All of the above. e. None of the above. ANS: D
PTS: 1
OBJ: Multiple Choice
25. A mutual fund: a. Is priced once a day at the opening of trading. b. Is priced once a day at the close of trading. c. Is priced continuously during the trading day. d. Is priced at the open and close of trading. e. None of the above. ANS: B
PTS: 1
OBJ: Multiple Choice
26. For a U.S. based investor, a weaker dollar means that overall dollar based returns on overseas security investment will be higher because a. A weaker dollar means that exports will rise. b. A weaker dollar means that more foreign investors will by U.S. securities. c. A weaker dollar means that the foreign currency will convert to more dollars. d. A weaker dollar means that more investors will purchase the foreign security. e. None of the above. ANS: C
PTS: 1
OBJ: Multiple Choice
27. In order to diversify risk an investor must have investments that have correlations with other investments in the portfolio that are a. low positive b. zero c. negative d. any of the above e. none of the above ANS: D
PTS: 1
OBJ: Multiple Choice
28. Correlations between bond markets in different countries have been changing over time because a. Countries are developing closer trade and economic links. b. Countries are becoming more segmented. c. There are fewer barriers to travel. d. U.S. investors are purchasing more foreign securities. e. Correlations between bond markets of different countries have been rising.
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
ANS: A
PTS: 1
OBJ: Multiple Choice
29. Senior secured bonds are a. The most senior bonds in a firm's capital structure. b. Bonds with the lowest risk of default. c. Bonds that are not backed by specific assets. d. a and b. e. a and c. ANS: B
PTS: 1
OBJ: Multiple Choice
30. Convertible bonds are bonds a. That are convertible into more bonds. b. That are convertible from unsecured to secured status. c. That are convertible into company stock. d. That are convertible into specific assets. e. That have an option attached. ANS: C
PTS: 1
OBJ: Multiple Choice
31. A Eurobond is an international bond a. Sold by an issuer within its own country in that country's currency. b. Denominated in a currency not native to where it is issued. c. Also known as a Yankee Bond. d. Denominated in U.S. dollars but issued by a foreign company. e. That is sold only to European investors. ANS: B
PTS: 1
OBJ: Multiple Choice
32. Foreign equities can be acquired by purchasing all of the following except a. American Depository Receipts (ADRs) b. American shares c. Foreign shares listed on a U.S. or foreign stock exchange d. Global Exchange-Traded Funds (GETFs) e. All of the above are ways to purchase foreign equities. ANS: E
PTS: 1
OBJ: Multiple Choice
33. Which of the following is not a characteristic of a warrant? a. The right to buy common stock in a corporation. b. Issued by the corporation or an individual. c. Typically valid for longer time periods than options. d. Similar to a call option with respect to a striking price. e. All of the above statements are characteristics of a warrant. ANS: B
PTS: 1
OBJ: Multiple Choice
34. Certificates of ownership issued by a U.S. bank that represent indirect ownership of a certain number of shares of a specific foreign firm on deposit in a bank in the firm's home country are known as: a. American Depository Receipts (ADRs) b. Exchange Traded Funds (ETFs) c. Warrants d. Options
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
e. Futures ANS: A
PTS: 1
OBJ: Multiple Choice
35. All of the following are ways to invest in real estate except a. Real Estate Investment Trusts (REITs) b. Raw Land c. Land Development d. Rental Properties e. All of the above are ways to invest in real estate. ANS: E
PTS: 1
OBJ: Multiple Choice
36. Which of the following statements regarding real estate investments is false? a. The large number of transactions and national data sources provide accurate readily available estimates of historical returns. b. Real Estate Investment Trusts (REITs) had higher returns than common stocks from 1972 to 1987. c. Real Estate Investment Trusts (REITs) had lower volatility than common stocks from 1972 to 1987. d. All of the above statements are true. e. All of the above statements are false. ANS: A
PTS: 1
OBJ: Multiple Choice
37. A bond provision that specifies payments the issuer must make to redeem a given percentage of the outstanding issue prior to maturity is known as a. Call provision b. Indenture c. Collateralization d. Sinking fund e. Collateral trust bond ANS: D
PTS: 1
OBJ: Multiple Choice
38. Adding international investments to an all U.S. portfolio will most likely: a. Increase the overall risk of the portfolio b. Decrease the overall risk of the portfolio c. Increase the expected return of the portfolio d. Decrease the expected return of the portfolio e. None of the above ANS: B
PTS: 1
OBJ: Multiple Choice
39. Investments with predetermined contractual payments are known as: a. Fixed-income b. Real estate c. Real assets d. Equities e. Low liquidity investments ANS: A
PTS: 1
OBJ: Multiple Choice
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
40. Which of the following investments can be purchased with future contracts? a. Commodities b. T-bills c. Treasury bonds d. Eurobonds e. All of the above ANS: E
PTS: 1
OBJ: Multiple Choice
41. What type of mutual fund issues "redeemable securities" meaning that the fund stands ready to buy or sell the shares at their net asset value with a transaction fee? a. No-load, closed-end fund b. No-load, open-end fund c. Load, closed-end fund d. Load, open-end fund e. None of the above ANS: D
PTS: 1
OBJ: Multiple Choice
42. An individual with only $10,000 to invest is most likely better off investing in: a. Mutual funds to increase the expected return b. ETFs to increase the diversification c. Individual equities to increase portfolio efficiency d. Individual bonds and individual equities to increase efficiency e. All of the above are rational choices ANS: B
PTS: 1
OBJ: Multiple Choice
Exhibit 3.1 USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S) Security U.S. government T-bills Long-term government bonds Long-term corporate bonds Large capitalization common stocks Small capitalization common stocks
Annual Percentage Return 3.04 5.75 6.80 13.50 15.60
The annual rate of inflation is 2%.
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
43. Refer to Exhibit 3.1. What is the real return on long-term corporate bonds? a. 1.02% b. 3.68% c. 4.71% d. 11.27% e. 13.33% ANS: C Real return on long term corporate bonds = 4.71% = [(1.068)/(1.02)] 1 PTS: 1
OBJ: Multiple Choice Problem
44. Refer to Exhibit 3.1. What is the real return on T-bills? a. 1.02% b. 3.68% c. 4.71% d. 11.27% e. 13.33% ANS: A Real return on T-bills = 1.02% = [(1.034)/(1.02)] 1 PTS: 1
OBJ: Multiple Choice Problem
45. Refer to Exhibit 3.1. What is the real return on small capitalization stocks? a. 1.02% b. 3.68% c. 4.71% d. 11.27% e. 13.33% ANS: E Real return on small cap stocks = 13.33% = [(1.156)/(1.02)] 1 PTS: 1
OBJ: Multiple Choice Problem
46. Refer to Exhibit 3.1. What is the real return on large capitalization stocks? a. 1.02% b. 3.68% c. 4.71% d. 11.27% e. 13.33% ANS: D Real return on large cap stocks = 11.27% = [(1.135)/(1.02)] 1 PTS: 1
OBJ: Multiple Choice Problem
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
Exhibit 3.2 USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S) Real Returns Investment Real Annual Return Large company stock 6.50% Small capitalization stock 8.60% Long-term corporate bonds 3.60% Long-term government bonds 2.80% U.S. Treasury bills 1.03% The annual rate of inflation is 2.5% 47. Refer to Exhibit 3.2. What is the large company stock nominal return? a. 3.56% b. 5.37% c. 6.19% d. 9.16% e. 11.32% ANS: D Nominal return on large cap stocks = 9.16% = [(1.065)(1.025)] 1 PTS: 1
OBJ: Multiple Choice Problem
48. Refer to Exhibit 3.2. What is the T-bill nominal return? a. 3.56% b. 5.37% c. 6.19% d. 9.16% e. 11.32% ANS: A Nominal return on T-bills = 3.56% = [(1.0103)(1.025)] 1 PTS: 1
OBJ: Multiple Choice Problem
49. Refer to Exhibit 3.2. What is the long term Treasury bond nominal return? a. 3.56% b. 5.37% c. 6.19% d. 9.16% e. 11.32% ANS: B Nominal return on long term government bonds = 5.37% = [(1.028)(1.025)] 1 PTS: 1
OBJ: Multiple Choice Problem
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
50. Refer to Exhibit 3.2. What is the small capitalization stock nominal return? a. 3.56% b. 5.37% c. 6.19% d. 9.16% e. 11.32% ANS: E Nominal return on small cap stocks = 11.32% = [(1.086)(1.025)] 1 PTS: 1
OBJ: Multiple Choice Problem
51. A return series has an arithmetic mean of 12.8% and standard deviation of 7.8%. Assuming the returns are normally distributed what is the range of returns that an investor would expect to receive 90% of the time? a. 12.8% to 20.6% b. 10.6% to 36.2% c. 2.8% to 28.4% d. 12.8% to 20.6% e. 10.6% to 36.2% ANS: C The range of returns is between 12.8 2(7.8) and 12.8 + 2(7.8) = 2.8 and 28.4 PTS: 1
OBJ: Multiple Choice Problem
52. A return series has an arithmetic mean of 12.8% and standard deviation of 7.8%. Assuming the returns are normally distributed what is the range of returns that an investor would expect to receive 95% of the time? a. 12.8% to 20.6% b. 10.6% to 36.2% c. 2.8% to 28.4% d. 12.8% to 20.6% e. 10.6% to 36.2% ANS: B The range of returns is between 12.8 3(7.8) and 12.8 + 3(7.8) = 10.6 and 36.2 PTS: 1
OBJ: Multiple Choice Problem
53. A return series has an arithmetic mean of 10.5% and standard deviation of 13%. Assuming the returns are normally distributed what is the range of returns that an investor would expect to receive 95% of the time? a. 10.5% to 13% b. 2.5% to 23.5% c. 28.5% to 49.5% d. 15.5% to 36.5% e. 0% to 36.5% ANS: C
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
The range of returns is between 10.5 3(13) and 10.5 + 3(13) = 28.5 and 49.5 PTS: 1
OBJ: Multiple Choice Problem
54. A return series has an arithmetic mean of 10.5% and standard deviation of 13%. Assuming the returns are normally distributed what is the range of returns that an investor would expect to receive 90% of the time? a. 10.5% to 13% b. 2.5% to 23.5% c. 28.5 to 49.5% d. 15.5% to 36.5% e. 0% to 10.5% ANS: D The range of returns is between 10.5 2(13) and 10.5 + 2(13) = 15.5 and 36.5. PTS: 1
OBJ: Multiple Choice Problem
55. You are trying to decide between a par value corporate bond carrying a coupon rate of 6.25% per year and a par value municipal bond that pays an annual coupon rate of 4.75%. Assuming all other factors are the same and you are in the 28% tax bracket, which bond should you choose and why? a. Corporate bond because the after tax yield is 6.25%. b. Corporate bond because the after tax yield is 4.5%. c. Municipal bond because the equivalent taxable yield is 6.3%. d. Municipal bond because the equivalent taxable yield is 6.6%. e. You will be indifferent between the two because the after tax yields are the same. ANS: D The municipal bond has an equivalent taxable yield of 0.475/(1 0.28) = 0.066. This is higher than the bond yield of .0625. PTS: 1
OBJ: Multiple Choice Problem
56. What range of returns would an investor expect to achieve 99% of the time on an investment with an expected return of 11% and a standard deviation of 16%? a. 5% to 27% b. 5% to 27% c. 21% to 43% d. 37% to 59% e. 5% to 21% ANS: D Assuming the returns are normally distributed a 99% confidence interval is constructed by 11% plus or minus three times the standard deviation. 11% 3(16%) to 11% + 3(16%) = 37% to 59% PTS: 1
OBJ: Multiple Choice Problem
57. If the nominal return on an investment of common stocks was 11% and inflation was 2.5% annually, what was the real return on common stock? a. 8.3%
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
b. c. d. e.
8.5% 9.7% 11.0% 12.6%
ANS: A (1.11)/(1.025) 1 = 0.0829 or 8.3% PTS: 1
OBJ: Multiple Choice Problem
58. If the real return for corporate bonds was 4% and the inflation rate was 2%, what is the nominal return for corporate bonds? a. 1.96% b. 2.00% c. 4.00% d. 6.08% e. 6.42% ANS: D (1.04)(1.02) 1 = 0.068 or 6.08% PTS: 1
OBJ: Multiple Choice Problem
59. What is the 95 percent confidence interval for an investment with an expected return of 9 percent and a standard deviation of 15%? a. 9% to 15% b. 6% to 24% c. 15% to 32% d. 21% to 39% e. 36% to 56% ANS: D 95% confidence interval is 2 standard deviations from the mean 9% 2(15%) to 9% + 2(15%) 21% to 39% PTS: 1
OBJ: Multiple Choice Problem
© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
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