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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 does OPEC stand for?
(a) Organization of Petroleum Exporting Countries.
(b) Oil and Petroleum Exclusion Clause.
(c) Original Plan Excluding Copyright.
(d) Oval Palace Executive Class.

2. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?
(a) Index fund.
(b) Human capital.
(c) Futures contract.
(d) Differential equation.

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) 1993.
(b) 1988.
(c) 1997.
(d) 2000.

4. What is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual?
(a) Portfolio.
(b) Legislation.
(c) Security.
(d) Collateral.

5. 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) Gresham's law.
(b) Pork barrel.
(c) Asset allocation.
(d) Adverse selection.

Short Answer Questions

1. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?

2. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?

3. 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?

4. In finance, what is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price?

5. Who introduced the Hope credit?

(see the answer key)

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