Refer to Table 10-4. (LG 10-3)

a. If you think 15-year Treasury note prices will fall between September 1, 2010, and March 2011, what type of futures position would you take?

b. If you think inflation in Japan will increase by more than that in the United States between September 2010 and December 2010, what type of futures position would you take?

c. If you think stock prices will fall between September 2010 and December 2010, what type of position would you take in the December S&P 500 Index futures contract? What happens if stock prices actually rise?