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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 term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?
(a) Adverse selection.
(b) Asset allocation.
(c) Gresham's law.
(d) Pork barrel.

2. The Hope Scholarship program was shut down after how many years, according to the author?
(a) 9.
(b) 2.
(c) 4.
(d) 5.

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

4. What, according to the author, motivates talented teachers to leave to go onto other professions?
(a) Capitalism.
(b) Legislation.
(c) Supply and demand.
(d) The uniform pay scale.

5. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.
(b) A Random Walk Down Wall Street.
(c) Extreme Money: Masters of the Universe and the Cult of Risk.
(d) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.

Short Answer Questions

1. What rhetorical question do economists ask, according to the author in Chapter 1?

2. What contends that prices of publicly traded assets reflect all publicly available information?

3. What is generally a fungible, negotiable financial instrument representing financial value?

4. Who introduced the Hope credit?

5. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?

(see the answer key)

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