1. In general, which of the following is/are correct?

   1. Futures contracts trade on organized exchanges

   2. Futures are standardized contracts in terms of size and settlement date

   3. Both of the above

   4. Neither a or b

2. You open with the purchase of a September maturity T-bill futures contract. You can close out by _______.

   1. Buying a September maturity T-bill futures contract

   2. Selling a September maturity T-bill futures contract

   3. Buying a September maturity T-bond futures contract

   4. Selling a September maturity T-bond futures contract

3. In general, which of the following is correct?

   1. Anything that affects the price of the underlying asset affects the futures price

   2. Futures contract price reflects the expected price of the underlying asset as of the settlement date

   3. Both of the above

   4. Neither a or b

4. Other things being the same, which of the following is correct?

   1. As stock prices fall, a short position in stock index futures contract generates a gain

   2. As stock prices fall, a long position in stock index futures contract generates a gain

   3. Both of the above

   4. Neither a or b