问题 单项选择题

卖出执行价格为920美分/蒲式耳的芝加哥期货交易所(CBOT)7月大豆看涨期权,权利金为80美分/蒲式耳,买进执行价格为950美分/蒲式耳的7月大豆看涨期权,权利金为70.1美分/蒲式耳,则下列说法错误的是()。

A.该交易为牛市看涨期权垂直套利

B.最大收益为9.9美分/蒲式耳

C.最大风险为20.1美分/蒲式耳

D.损益平衡点为929.9美分/蒲式耳

答案

参考答案:A

解析:

该交易卖1份低执行价格的看涨期权,买1份更高执行价格的看涨期权,即为熊市看涨期权垂直套利。则:最大收益=净权利金=80-70.1=9.9(美分/蒲式耳);最大风险=(高执行价格-低执行价格)-最大收益=(950-920)-9.9=20.1(美分/蒲式耳);损益平衡点为:低执行价格+最大收益=920+9.9=929.9(美分/蒲式耳)或高执行价格-最大风险=950-20.1=929.9(美分/蒲式耳)。

单项选择题 A1/A2型题
完形填空

Tsai Chin-chung is one of Taiwan’s most famous cartoonists, and his cartoons are enjoyed by people in many different countries in Asia. His books of cartoons have now become best sellers in Singapore, Malaysia, and even Japan.

As soon as he could hold a pencil or a brush, Tsai Chin-chung lived only for drawing. Every day he practised drawing people and things around him as well as characters and scenes from his favorite stories.

When he was only 15 years old, he left home to work for a publisher in  Taibei.  At first he was only 15 years old and he worked hard to draw pictures for books. So two years later he decided to leave his job as an artist who draws pictures for books and to work on drawing cartoon series. He made up his mind to succeed as a cartoonist even if it meant “living on instant noodles” in order to make himself famous.

Now nearly 50 years old, Tsai Chin-chung has achieved something unusual for a modern cartoonist. He has become extraordinarily successful at changing Chinese literature and philosophy  into humorous comic stories. In this way, he had made the Chinese classics known to thousands of people.

In recognition of his great achievement, several years ago Tsai Chin-chung was given a prize as one of the 10 Outstanding Young People of Taiwan. Since then, he has won many prizes and his cartoons have become popular in countries and areas throughout Asia, America and Europe. So far, he has published more than 20 comic books. Ten of these are about ancient Chinese philosophers, and the remainder are based on Chinese historical and literary classics.

Many of Tsai Chin-chung’s books of cartoons and comics have now been published in English in countries and areas like Singapore. His books have also been translated into several other languages, including Japanese, Korean and Thai. Even publishers in countries like France and Indonesia have recently signed agreements for permission to publish his cartoon series.

小题1: What job did Tsai Chin-chung do when he was fifteen years old?(No more than 5 words) (2 marks)

小题2: What does “living on instant noodles” mean in this passage? (No more than 4 words) (3 marks)

小题3: How does he make the Chinese classics known to thousands of people? (No more than 10 words) (2 marks)

小题4:. Why was Tsai Chin-chung nominated one of the ten outstanding young people of Taiwan? (No more than 5 words) (3 marks)