Answer: True
Consider a number line with 40, 60 and 80 marked.
The value 60 is the midpoint of 40 and 80 since (40+80)/2 = 120/2 = 60
If we curved the number line to fit along the round edge of the protractor, then we'll get the diagram you see here.
Ray OB cuts angle COA in two equal pieces (angle COB, angle BOA). This is another way of saying "ray OB bisects angle COA".