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This quiz consists of 5 multiple choice and 5 short answer questions through Forward - Chapter 3.

Multiple Choice Questions

1. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Legislation.
(b) Adverse selection.
(c) Trade-off.
(d) Per capita.

2. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?
(a) Deductive equation.
(b) Differential equation.
(c) Derivative equation.
(d) Depression equation.

3. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?
(a) Everyday life.
(b) Statistics.
(c) Wall Street.
(d) Mathematics.

4. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?
(a) $30,000.
(b) $15,000.
(c) $50,000.
(d) $120,000.

5. Ross Perot ran for President of the United States in what year?
(a) 2000.
(b) 1992.
(c) 1988.
(d) 2002.

Short Answer Questions

1. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?

2. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?

3. In economics, what is a good that is non-rival and non-excludable?

4. What does OPEC stand for?

5. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?

(see the answer key)

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