1. When a currency trades at a premium in the forward market, the spot is _relative to the forward. 2. You are financial manager with $1M USD to invest. The dollar-euro exchange rate is quoted as $1.20 = 1.00 and the dollar-pound exchange rate is quoted at $1.80 = 1.00. If a bank quotes you a cross rate of 1.00 = 1.50, is there an opportunity for you to earn a risk-free profit with these quotes? If so, what is your profit and return? 3. Comparing "forward" and "futures" exchange contracts, we can say that the major differences are 4. If the $/ bid and ask prices are $1.50/ and $1.51/, respectively, the corresponding /$ bid and ask prices are 5. Why would a market maker that anticipates a currency appreciating want to raise the bid and ask price