6. Short, conceptual questions. Please be brief. (a) Through the semester, we followed five currencies vis-a-vis the NOK. Which of them appreciated and which of them depreciated? (b) What is the main difference between futures and forwards? What is the cru- cial trade-off when choosing whether to use futures or forwards for hedging? (e) According to the sample and numbers presented by Vigdis Lund and Joakim Embu from KLP during their guest lecture, do the movements in the NOK/USD exchange rate increase or decrease the volatility for a NOK investor holding an unhedged S&P500 index fund? (d) According to Brge Rogstad of DNB, when his team advises clients do they consider it crucial to form "a view" on whether a currency is going to appre- ciate or depreciate in the future? Why or why not? (e) Central Bank Digital Currencies (CBDC) may been seen as a response to perceived threats to central banks from "digital dollarization" and "digital currency areas". In a few sentences, briefly explain what are meant by "digital dollarization" and "digital currency areas". 6. Short, conceptual questions. Please be brief. (a) Through the semester, we followed five currencies vis-a-vis the NOK. Which of them appreciated and which of them depreciated? (b) What is the main difference between futures and forwards? What is the cru- cial trade-off when choosing whether to use futures or forwards for hedging? (e) According to the sample and numbers presented by Vigdis Lund and Joakim Embu from KLP during their guest lecture, do the movements in the NOK/USD exchange rate increase or decrease the volatility for a NOK investor holding an unhedged S&P500 index fund? (d) According to Brge Rogstad of DNB, when his team advises clients do they consider it crucial to form "a view" on whether a currency is going to appre- ciate or depreciate in the future? Why or why not? (e) Central Bank Digital Currencies (CBDC) may been seen as a response to perceived threats to central banks from "digital dollarization" and "digital currency areas". In a few sentences, briefly explain what are meant by "digital dollarization" and "digital currency areas