答案和详解如下： 6.Which of the following statements about European and American options is least accurate? A) European options offer more flexible trading opportunities for speculators. B) American options are far more common than European options. C) American options can be exercised at any time on or before the expiration date. D) European options are easier to analyze and value than American options. The correct answer was A) European options are less flexible for traders than American options because of the limitation on when they can be exercised, which is only on the expiration date. Traders gain more flexibility with American options that can be exercised at anytime on or before expiration. 7.What is the primary difference between an American and a European option? A) The European option can only be traded on overseas markets. B) American and European options always have different strike prices when written on the same underlying asset. C) American and European options are never written on the same underlying asset. D) The American option can be exercised at anytime on or before its expiration date. The correct answer was D) American and European options are virtually identical, except exercising the European option is limited to its expiration date only. The American option can be exercised at anytime on or before its expiration date. For the exam, the key concept relating to this difference is the value of the American option must be equal or greater than the value of the corresponding European option, all else being equal. 8.Which of the following statements concerning an American-style option is least accurate? A) They are only traded in the U.S. B) It allows the holder the right to exercise before maturity of the option. C) It must be worth at least as much as a European-style option. D) The predominant option type is American-style, rather than European-style. The correct answer was A) American-style options are traded throughout the world. The “American” label simply identifies the option as having the right to be exercised before maturity. American-style options are worth at least as much as a European-style option and are the predominant type of options contract traded. 9.Which of the following represents a long position in an option? A) Writing a put option. B) Writing a call option. C) Buying a put option. D) Writing a naked call option. The correct answer was C) A long position is always the buying position. Remember that the buyer of an option is said to have gone long the position, while the writer (seller) of the option is said to have gone short the position. 10.A call option that is in the money: A) has an exercise price greater than the market price of the asset. B) has a value greater than its purchase price. C) is selling for more than its intrinsic value. D) has an exercise price less than the market price of the asset. The correct answer was D) A call option is in the money when the exercise price is less than the market price of the asset. | 
发表于 2008-4-9 16:54
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