问题
单项选择题
Which statement about the risks of bond investing is FALSE（）
A. Issuers of revenue bonds are not always obligated to pay principal and interest.
B. Interest on some municipal bonds is not excluded from federal income taxes.
C. In a competitive Treasury-bill auction, not all bidders pay the same price.
答案
参考答案：C
解析：
All T-bills are auctioned using the single-price method, in which all-successful bidders pay the price implied by the stop yield, which is the yield at which the quality demanded equals the quantity for sale. Most municipal bonds are exempt from federal taxes, but not all of them. Revenue bond issuers are not required to meet their obligations unless the project backing the bonds generates enough revenue.