The real risk-free rate varies over time because of changes in the economy and demographics and these changes are rather predictable. True False Question 24 1 pts Macroeconomic factors have an important effect on both the general level of interest rates and the shape of the yield curve. All the following affect the shape of the yield curve, except for the: foreign trade balance and interest rates in other countries, level of business activity in the economy None of these affect the shape of the yield curve federal budget deficit or surplus All of these affect the shape of the yield curve Federal Reserve policy