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

Multiple Choice Questions

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

2. Behavioral economics intertwine economics and what?
(a) Geometry.
(b) Geography.
(c) Psychology.
(d) Religion.

3. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?
(a) Keeping enough money on hand.
(b) Paying out interest.
(c) Analyzing risk.
(d) Using their own money.

4. When was Burton G. Malkiel born?
(a) 1918.
(b) 1925.
(c) 1907.
(d) 1932.

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) Adverse selection.
(c) Asset allocation.
(d) Pork barrel.

Short Answer Questions

1. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?

2. OPEC is an intergovernmental organization of how many oil-producing countries?

3. The Cuban Revolution deposed what dictator?

4. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?

5. What refers to the increasingly global relationships of culture, people and economic activity?

(see the answer key)

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