1. ___ is the tendency for the bond prices to change asymmetrically relative to yield changes. (a) Immunization. (b) Concavity. (c) Convexity. (d) Rebalancing.

2. ___ is a measure of average maturity of the stream of payments associated with a bond. (a) Cash flow matching. (b) Pure yield pickup. (c) Contingent immunization. (d) Duration.

3. Duration is a ___ of the lengths of time until remaining payments are made. (a) weighted average. (b) moving average. (c) sensitivity measure. (d) arithmetic average.