兹维博迪金融学第二版试题库14TB.doc

PAGE 14 Chapter Fourteen Forward and Futures Markets This chapter contains 46 multiple choice questions, 19 short problems and 8 longer problems. Multiple Choice The ________ is usually an average of the prices of the last few trades of the day. margin requirement daily realization forward price settlement price Answer: (d) The process of daily realization minimizes the possibility of contract default. To ensure parties do not default the exchange requires a ________ posted in each account, and if the collateral in the account falls below a pre-specified level, the broker will make a ________. settlement price; margin call margin requirement; margin call margin call; margin requirement margin call; settlement price Answer: (b) The total number of futures contracts still outstanding at the end of each trading day is indicated by the ________. open interest margin call margin requirement settlement price Answer: (a) The physical costs of storing commodities, such as wheat or corn, are referred to as the ________, and include ________. cost of storage; wastage costs cost of distribution; interest, warehousing, and wastage costs cost of carry; interest, warehousing, and spoilage costs cost of carry; tax deductible payments Answer: (c)  If one were to consider the commodity of wheat, distributor j will choose to carry wheat in storage for another month only if ________. Cj F – S Cj F – S Cj = F – S Cj F + S Answer: (b) Suppose you are a distributor of flaxseed and you observe that the spot price is $9.90 per metric ton, and the futures price for delivery a month from now is $10.18. What should you do if your cost of carry is $0.20 per metric ton per month? Choose to carry the flaxseed in storage for another month and hedge by taking a futures position. Deliver the flaxseed immediately. Immediately sell the flaxseed in the market for $9.90 per ton. Buy more flaxseed for $9.90 per metric ton and not consider hedging. Answer: (a) Suppose you are a distributor of barl