QUESTION 11 Which of the following best describes a futures contract? a. The right to buy or sell a specified quantity of a particular asset during a given period at the spot price. b. A standardized obligation to buy or sell a specified quantity of a particular asset during a given period for a given price. O c. An option to buy or sell a specified quantity of a particular asset during a given period for a given price. d. A standardized obligation to buy or sell a particular asset in a specified quality at a future time, place, and unit price. QUESTION 12 If the S&P 500 index futures price is undervalued relative to the spot S&P 500 index price, an arbitrage exists if the investor were to: O a. Buy the S&P 500 futures. b. Sell short all the stocks in the S&P 500 and buy call options on the S&P 500 index. c. Sell short all the stocks in the S&P 500 and buy the S&P 500 index futures. O d. Sell the S&P 500 index futures and buy all the stocks in the S&P 500