4. Which of the following does not satisfy Standardization in futures markets? (a) Futures on Silver (b) Futures on US Dollar Index (c) Futures on Heterogeneous Car Models (d) Futures on Orange Juice 5. Which of the following are conditions of successful Futures markets: I) Standardization; II) Competitive markets and no manipulation; III) Mitigation of default risk; IV) Volatility; V) Liquidity (a) I, II, II, and IV only (b) I, III, and V only (c) I, I, IV, and V only (d) I, II, II, IV, and V 6. For speculators, long Futures implies: (a) Expectation of price decrease in the future (b) Expectation of price increase in the future (c) Expectation of no change in price in the future (d) Expectation of either price increase or decrease in the future 7. For speculators, short Futures implies: (a) Expectation of price decrease in the future (b) Expectation of price increase in the future (c) Expectation of no change in price in the future (d) Expectation of either price increase or decrease in the future