QUESTION 19 Writing a call option on the S&P 500 Index results in: O a. A gain if the S&P 500 Index falls. b. A loss if the S&P 500 Index falls. O C. A gain if the S&P 500 Index rises. d. Neither a gain nor loss, no matter what happens to the S&P 500 Index. QUESTION 20 The writer of a call option has most likely: a. Taken a long position in a futures contract. b. Marked-to-market a futures contract. c. Sold a call option. d. Bought a call option