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This quiz consists of 5 multiple choice and 5 short answer questions through Forward - Chapter 3.

Multiple Choice Questions

1. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?
(a) Capitalism.
(b) Communism.
(c) Asset allocation.
(d) Money market.

2. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?
(a) Differential equation.
(b) Derivative equation.
(c) Deductive equation.
(d) Depression equation.

3. In economics, what is a good that is non-rival and non-excludable?
(a) A government good.
(b) A public good.
(c) A corporate good.
(d) A private good.

4. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Most productive.
(b) Least wealthy.
(c) Least productive.
(d) Most wealthy.

5. OPEC is an intergovernmental organization of how many oil-producing countries?
(a) 23.
(b) 12.
(c) 5.
(d) 8.

Short Answer Questions

1. What, according to the author, motivates talented teachers to leave to go onto other professions?

2. When was Burton G. Malkiel born?

3. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?

4. Behavioral economics intertwine economics and what?

5. Michael Jensen is a professor at what university's business school?

(see the answer key)

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