For each of the following transactions, identify
whether it occurs in a financial market or through
a financial intermediary. If the transaction occurs
in a financial market, state whether it occurs in a
primary or secondary market:
a. The federal government sells Treasury bills at
a weekly auction, where they are purchased by
a pension fund.
b. A pension fund resells some of its holdings of
Treasury bills to a bank.
c. An investor purchases 1,000 shares of Microsoft
stock on the NASDAQ stock market.
d. Microsoft issues new stock, which it sells on
the NASDAQ.