1. A competitive bid in the Treasury securities auction market has all of the fo

1. A competitive bid in the Treasury securities auction market has all of the following characteristics except:a. the bidder specifying the quantity of bills desiredb. the price the investor wishes to payc. large institutional investorsd. bids for a maximum of $50000002. All of the following represents a characteristic of money market instruments except:a. low default riskb. guaranteed marketabilityc. debt obligationd. short term3. The money market security with the lowest yield to the investor is likely to be:a. a Treasury bill.b. commercial paper.c. agency issues.d. negotiable CDs4. All of the following money market participants are major investors in money market securities except:a. Federal Reserve banks.b. the U.S. Treasury.c. commercial banks.d. corporate business.