1. The yield-to-maturities on Treasury issues do not give a direct reading of future spot rates as:
(a) not enough years of maturities are available.
(b) there is no default risk measured.
(c) most have coupon rates.
(d) the treasury market is not large enough to draw conclusion
(e) most of the securities are callable.
2. Under unbiased expectations theory, the expected future spot rate
(a) is the mean of future spot rates.
(b) is equal to the forward rate.
(c) equal to the level of future inflation.
(d) less than the forward rate.
(e) more than the forward rate.