QUESTION 17 An economist argues that bonds with different maturities are largely perfect substitutes. According to this economist, the- must be equal on these bonds expected return surprise return surplus return excess return QUESTION 18 Suppose you subscribe to the segmented market theory of the term structure. That means that you assume that bonds of different maturities are not substitutes at all. are perfect substitutes. are substitutes only if the investor is given a premium incentive. are substitutes but not perfect substitutes QUESTION 19 What is the main assumption of the expectations theory of the term structure. a high level of uncertainty regarding the future of long-term yields. investors know the yields on bonds today and form expectations of the yields on short-term bonds in future time periods. securities of different maturities are not perfect substitutes for each other. the risk premium increases with longer maturities