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

Multiple Choice Questions

1. When was Douglas Ivester born?
(a) 1922.
(b) 1939.
(c) 1958.
(d) 1947.

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

3. In what year did the French government try to address its unemployment rates with what the author calls the economic equivalent of fool's gold?
(a) 1988.
(b) 1993.
(c) 1997.
(d) 2000.

4. What refers to a market where prices are determined by supply and demand?
(a) Controlled market.
(b) Influx market.
(c) Free market.
(d) Random market.

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

Short Answer Questions

1. 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?

2. Human capital is extremely important in economics because it is also tied together with what?

3. Burton G. Malkiel is an American economist, most famous for what classic finance book?

4. According to the author, there are two lessons to be learned from a monopoly situation. What is the first?

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

(see the answer key)

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