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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 refers to a market where prices are determined by supply and demand?
(a) Free market.
(b) Random market.
(c) Controlled market.
(d) Influx market.

2. What refers to reasoning which constructs or evaluates deductive arguments?
(a) Decisive reasoning.
(b) Critical reasoning.
(c) Constructive reasoning.
(d) Deductive reasoning.

3. According to the author, the Hope Scholarships were a plan wherein students could borrow money for college and pay back their loans after they graduated using what?
(a) Government bonds.
(b) A percentage of their annual income.
(c) Regular debit payments.
(d) Interest free payments.

4. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?
(a) Inflation.
(b) Subsidy.
(c) Collateral.
(d) Deductible.

5. When was the Hope credit established?
(a) 1974.
(b) 1992.
(c) 1985.
(d) 1999.

Short Answer Questions

1. 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?

2. The Cuban Revolution deposed what dictator?

3. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?

4. What contends that prices of publicly traded assets reflect all publicly available information?

5. According to the author in Chapter 1, companies want to profit, and consumers want what?

(see the answer key)

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