Yes, less than one; and yes, at equilibrium.
In problem 4-2, what is the relation of Keq to the concentrations
of starting material? Keq is independent of starting concentrations.
Delta G-zero and Keq are both constants, defined independently of starting
concentrations. Delta G is different -- it depends on what concentrations
you start with. One point of the question is to drive home that Keq doesn't
change if you change starting concentrations.