Futures prices an unbiased estimator of expected spot prices? Why does CFA Official Afternoon mock say different?

I’m referring to Q48 on the 2016 CFA Afternoon mock. It says “Jani is correct. The expected spot price equals the futures price + a risk premium”. But I remember in economics, under uncovered interest rate parity, it stated that future prices were an unbiased estimator of expected spot prices (no mention of a risk premium".

What’s the difference?

it’s a part of that model, but that’s just one model, and it doesn’t fit reality. liquidity premium is one explanation for lack of fit.

i can’t recall, is Q48 economics? i think that reappears in across fixed income and in forwards.

Economics has nothing to do with reality. Please do not apply economic theories to other topics.