Magnitude of the Equilibrium Constant Practice Test

At a given temperature, the equilibrium constant for $\mathrm{CO(g) + H_2O(g) \rightleftharpoons CO_2(g) + H_2(g)}$ is very small ($K \ll 1$). What does this say about the equilibrium mixture?

For the reaction $\mathrm{2NO_2(g) \rightleftharpoons N_2O_4(g)}$ at a certain temperature, the equilibrium constant is approximately 1 ($K \approx 1$). What does this imply about product versus reactant favorability at equilibrium?