兹维博迪金融学第二版试题库1.doc

Chapter Fifteen Markets for Options and Contingent Claims This chapter contains 50 multiple choice questions, 15 short problems, and 9 longer problems. Multiple Choice An option to buy a specified item at a fixed price is a(n) ________; an option to sell is a ________. put; call spot option, call call; put put; spot option Answer: (c) A(n) ________ option can be exercised up to and on the expiration date, whereas a(n) ________ option can only be exercised on the expiration date. American-type; Bermudan-type American-type; European-type European-type; American-type Bermudan-type; European-type Answer: (b) The difference between exercise price and current stock price is the tangible value of an ________, and the difference between the current stock price and exercise price is the tangible value of an ________. out of the money put option; in the money call option in the money put option; out of the money call option in the put money option; at the money call option at the money put option; in the money put option Answer: (b) A call option is said to be “out of the money” if its ________. exercise price is equal to the price of the underlying stock current stock price is greater than its strike price strike price is greater than the current stock price strike price is less than its current stock price Answer: (c) The time value of an option is ________. the difference between an option’s stock price and its tangible value the difference between the current stock price and exercise price the difference between the exercise price and the stock price the difference between an option’s market price and its tangible value Answer: (d) The prices of puts are ________ the higher the exercise price, and the prices of calls are ________ the higher is the exercise price. lower; higher higher; lower lower; lower higher; higher Answer: (b)  Questions 7 through 10 refer to the following hypothetical information: Listing of LePlastrier Options (symbol: LLB) (Prices list