Use the Following Soybean Futures Quotes

question 33

Multiple Choice

Use the following soybean futures quotes:

-You own one futures contract on gold that you purchased at a quoted price of 1,448.5.The current price quote is 1608.8.The contract size is 100 ounces and the quotes are expressed in dollars and cents per ounce.What is your current profit or loss on this investment?

• A) $160.30
• B) $1,912.00
• C) $8,040.00
• D) $16,030.00
• E) $19,120.00

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Definitions:

Monetary Exchange

The process of trading goods and services using money as a medium of exchange rather than direct barter.

Double Coincidence

A situation in a barter system where two parties each have something the other wants, allowing for an exchange without the need for money.

Limited Specialization

A situation in which individuals or entities focus on a restricted range of products or services to gain greater efficiency, but do not specialize to the extent that they produce only one good or service.

Primitive Societies

Early human communities characterized by simple social structures and technologies.