40.Which of the following describes a money market instrument? a.long-term b.liquid c.high-risk d. all of the above Answer:(b) 41.A country's provides the supply of local currency and operates the clearing system for the banks. (a)stock exchange (b)underwriter (c)central bank (d)investment bank Answer:(c) 42.Which of the following statements is most correct? (a)open-end mutual funds and closed-end funds are identical (b)open-end mutual funds stand ready to redeem or issue shares at NAV (c)closed-end mutual funds stand ready to redeem or issue shares at NAV (d)mutual funds provide a poor means of diversification Answer:(b) 43.Which of the following statements is most correct? (a)closed-end mutual funds do not redeem or issue shares at NAV (b)closed-end mutual fund prices can differ from NAV (c)shares of closed-end funds are traded through brokers (d)all of the above are correct Answer:(d) 2-112-11 40. Which of the following describes a money market instrument? a. long-term b. liquid c. high-risk d. all of the above Answer: (b) 41. A country’s ________ provides the supply of local currency and operates the clearing system for the banks. (a) stock exchange (b) underwriter (c) central bank (d) investment bank Answer: (c) 42. Which of the following statements is most correct? (a) open-end mutual funds and closed-end funds are identical (b) open-end mutual funds stand ready to redeem or issue shares at NAV (c) closed-end mutual funds stand ready to redeem or issue shares at NAV (d) mutual funds provide a poor means of diversification Answer: (b) 43. Which of the following statements is most correct? (a) closed-end mutual funds do not redeem or issue shares at NAV (b) closed-end mutual fund prices can differ from NAV (c) shares of closed-end funds are traded through brokers (d) all of the above are correct Answer: (d)