Final answer:
Modified duration, adjusted from Macaulay duration, is true; it provides a measure of bond price sensitivity to interest rate changes. Wave-particle duality is false for macroscopic objects as it is a concept in quantum mechanics. Duration is a quantitative continuous type of data because time measurements can have a continuous range of values. The correct answer is option a.
Step-by-step explanation:
The statement that modified duration is determined by making small adjustments to the Macaulay duration is true. Modified duration is a refinement of Macaulay duration and gives a better measure of the actual price sensitivity of a bond to changes in interest rates by adjusting the Macaulay duration for the bond's yield to maturity. While Macaulay duration measures the weighted average time to receive the bond's cash flows, modified duration relates this duration to interest rate movements by dividing the Macaulay duration by one plus the bond's yield to maturity per coupon period.