|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through Chapters 4-7.
Multiple Choice Questions
1. OPEC has maintained its headquarters where since 1965?
2. What is the fourth simple need of financial markets, as discussed in Chapter 7?
(b) Storing, protecting and making profitable use of excess capital.
(c) Insuring against risk.
(d) Raising capital.
3. What are negative results which occur while trying to achieve a goal for the common good?
(a) Ghost incentives.
(b) Abstract incentives.
(c) Perverse incentives.
(d) Unknown incentives.
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 productive.
(c) Most wealthy.
(d) Least wealthy.
5. What is an investment position intended to offset potential losses that may be incurred by a companion investment?
(b) Futures contract.
Short Answer Questions
1. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
2. 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?
3. 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?
4. Cuba remained a territory of Spain until the Spanish-American War ended in what year?
5. What does OPEC stand for?
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