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　　1.Credit optionality on a commitment is best viewed as:
　　A. call option for the lender.
　　B. put option for the borrower.
　　C. put option for the lender.
　　D. call option for the borrower.
　　2.An error-correction model of interest-rate dynamics allows for the dynamics between short and long rates to be:
　　A. short-lived.
　　B. affected by differential factors.
　　C. stochastic.
　　D. affected by a common factor.
　　3.An investor sold a stock short and is worried about rising prices. To protect himself from rising prices he would place a:
　　A. stop order to sell.
　　B. stop order to buy.
　　C. limit order to sell.
　　D. limit order to buy.
　　Answer:
　　1.D
　　The commitment fee gives the borrower the right, but not the obligation, to draw down on the commitment at any time.
　　2.D
　　The error-correction model uses the fact that interest rates are often cointegrated, and tend to move together due to some common factor. Although this common factor is not known, error-correction models allow for the factor’s influence to impact interest rates.
　　3.B
　　A limit order to buy is placed below the current market price.
　　A limit order to sell is placed above the current market price.
　　A stop (loss) order to buy is placed above the current market price.
　　A stop (loss) order to sell is placed below the current market price.
　　A stop order becomes a market order if the price is hit.