24. Suppose you are short a full S&P 500 futures contract at 2; 750. If the contract moves $500 per point, at what level of the index do you trigger your maintenance margin of $20; 000 if you started with $52; 000 in your account: (a) 2,814; (b) 2,686; (c) 0; (d) 2,700

VI. Microstructure of derivatives market 24. Suppose you are short a full S&P 500 futures contract at 2; 750. If the contract moves $500 per point, at what level of the index do you trigger your maintenance margin of $20; 000 if you started with $52; 000 in your account: (a) 2,814; (b) 2,686; (c) 0; (d) 2,700; 25. The Dodd-Frank act has: (a) encouraged trading of standardized derivatives on exchanges and SEFs; (b) banned OTC derivatives trading; (c) placed government regulation on maintenance margins; (d) none of the above. VII. Exchange rates 26. If the 6-month U.S. Treasury bill rate is 2:551%; the 6-month forward rate is 1:1400US$=Euro, and the current spot rate is 1:1306US$=Euro, what is the current 6-month Euro interest rate: (a) 0.39%; (b) 0.88%; (c) -1.19%; (d) -0.25%; VIII. Commodities 27. Cap and trade programs on carbon emissions have: (a) made domestic industry noncompetitive; (b) promoted the use of coal; (c) have frequently failed to place a positive price on carbon; (d) none of the above