13.The additional return earned by holding a commodity that is in short supply or a nonpecuniary gain from an asset is referred to as

Select one:

a.

Gains on the underlying

b.

None of the options

c.

Cash-flow free gains

d.

The negative cost of carry

e.

The convenience yield

14.Each of the following is a bullish strategy except

Select one:

a. a long call

b. a short put

c. a short stock

d. a protective put

e. none of the above

15.A transaction in which an investor holds a position in the spot market and sells a futures contract or writes a call is Select one:

a. A gamble

b. None of the options

c. A hedge

d. A risk-free transaction

e. A speculative position