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1. The spot price for oil is $50 per barrel, while the one-month futures settlement price is $40 per barrel. Which of the following statements is true? a. The oil market is in backwardation b. The oil market is in contango c. It is certain that the spot price in one month will be $40 d. It is an unusual situation because typically the futures price equals the spot price 2. If you have a large oil inventory and you are worried about the price falling in the next 3 months, you should: a. Go long a futures contract on oil b. Go short a futures contract on oil C. Go long and short so you can lock in a price d. Hope because there's nothing else you can do 3. Because of concerns about a strange virus spreading around the world, the volatility of the market is expected to increase. All else equal, the Black Scholes Option Pricing Model predicts that the price of a call option on the market will: a. Go up b. Go down c. Stay the same d. It is unclear because the Black-Scholes model only considers the risk-free rate 4. You own a stock that has risen from $10 per share to $15 per share. You wish to delay taking the profit, but you are troubled about the short-run behavior of the stock market. An effective action on your part would be to a. Ibuy a put option on the stock b. write a call option on the stock c. buy a call option on the stock d. write a put option on the stock 5. Which of the following options would you expect to have the highest price a. A six-month call option with a $100 strike price when the stock is $95 b. A three-month call option with a $100 strike price when the stock is $95 c. A six-month put option with a $100 strike price when the stock is $95 d. A three-month put option with a $100 strike price when the stock is $95