If a bond is callable, what is the likely impact on the Z-spread?

	A.	Z-spread is smaller.
	B.	Z-spread is larger.
	C.	No effect on the Z-spread.

Assume the location and shape of the yield curve is not expected to change. Riding the yield curve will be a profitable strategy if the yield curve is:

	A.	positively sloped.
	B.	negatively sloped.
	C.	flat.