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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 CEO stand for?
(a) Civil Engineer's Office.
(b) Cheap Everpresent Oil.
(c) Chief Executive Officer.
(d) Continental Energy Options.

2. OPEC is an intergovernmental organization of how many oil-producing countries?
(a) 8.
(b) 23.
(c) 5.
(d) 12.

3. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?
(a) Money market.
(b) Adverse selection.
(c) Asset allocation.
(d) Futures contract.

4. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?
(a) Raised.
(b) Prohibitive.
(c) Lowered.
(d) Maintained.

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

Short Answer Questions

1. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?

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?

3. Gary Becker received the United States Presidential Medal of Freedom in what year?

4. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?

5. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?

(see the answer key)

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