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This quiz consists of 5 multiple choice and 5 short answer questions through Chapters 4-7.

Multiple Choice Questions

1. What is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual?
(a) Collateral.
(b) Legislation.
(c) Portfolio.
(d) Security.

2. Gary Becker is a professor of economics, sociology at what institution?
(a) Fordham University.
(b) The University of Chicago.
(c) The University of Montana.
(d) Harvard University.

3. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?
(a) An aphrodesiac.
(b) An evil potion.
(c) An alkaloid.
(d) A poison.

4. Douglas Ivester was appointed as Chairman and Chief Executive Officer of Coca-Cola Company after whose death?
(a) Roberto Goizueta.
(b) Mark Miringhoff.
(c) George Stigler.
(d) Ronald Coase.

5. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?
(a) Deductible.
(b) Collateral.
(c) Inflation.
(d) Subsidy.

Short Answer Questions

1. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?

2. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?

3. 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?

4. 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?

5. When did the Cuban Revolution begin?

(see the answer key)

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