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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 refers to the increasingly global relationships of culture, people and economic activity?
(a) Globalization.
(b) Slavery.
(c) Monopoly.
(d) Consolidation.

2. Michael Jensen refers to company stock options as what in Chapter 2?
(a) "Wall Streets marijuana."
(b) "Managerial heroin."
(c) "A trough of money."
(d) "Cocaine for businessmen."

3. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
(a) 1997.
(b) 1988.
(c) 2003.
(d) 1992.

4. Ross Perot ran for President of the United States in what year?
(a) 1992.
(b) 2000.
(c) 1988.
(d) 2002.

5. Gary Becker figured that the stock of skills, education, training and an individual's health constitutes about what percent of a modern economy's wealth?
(a) 60.
(b) 75.
(c) 35.
(d) 42.

Short Answer Questions

1. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?

2. When was Gary Becker born?

3. What refers to a market where prices are determined by supply and demand?

4. What refers to reasoning which constructs or evaluates deductive arguments?

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?

(see the answer key)

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