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

2. In what year did Douglas Ivester tell his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) 1982.
(b) 1989.
(c) 1977.
(d) 1969.

3. When was Gary Becker born?
(a) 1945.
(b) 1956.
(c) 1922.
(d) 1930.

4. What is the third simple need of financial markets, as discussed in Chapter 7?
(a) Insuring against risk.
(b) Raising capital.
(c) Storing, protecting and making profitable use of excess capital.
(d) Speculation.

5. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Least productive.
(b) Most productive.
(c) Most wealthy.
(d) Least wealthy.

Short Answer Questions

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

2. OPEC has maintained its headquarters where since 1965?

3. Gary Becker figured that the stock of skills, education, training and an individual's health constitutes about what percent of a modern economy's wealth?

4. Ross Perot ran for President of the United States in what year?

5. What refers to a market where prices are determined by supply and demand?

(see the answer key)

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