1. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?
(a) 2.
(b) 14.
(c) 5.
(d) 10.

2. In finance, what is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future delivery date?
(a) Futures contract.
(b) Business cycle.
(c) Supply and demand.
(d) Asset allocation.

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 alkaloid.
(c) A poison.
(d) An evil potion.

4. When did the Cuban Revolution begin?
(a) 1972.
(b) 1953.
(c) 1965.
(d) 1934.

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

Short Answer Questions

1. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the eighth?

2. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?

3. What is an assistance paid to a business or economic sector?

4. What refers to economy-wide fluctuations in production or economic activity over several months or years?

5. Michael Jensen is a professor at what university's business school?

(see the answer key)

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