1- For a property and casualty insurance company, the most important measure of operating performance is

Group of answer choices

A- loss ratio

B- loss adjustment expense ratio

C- investment yield

D- combined ratio

E- return on equity

2- Holding everything else equal, an increase in tax rates will make municipal bond yields _____________

Group of answer choices

A- become a liquidity hedge

B- more equity-like

C- go down relative to Treasuries

D- rise relative to Treasuries

3- In a T-bill auction, a non-competitive bidder is gauranteed.

Group of answer choices

A- minimum price

B- given quantity

C- none of these

D- maximum price