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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 describes the extent to which time or effort is well used for the intended task or purpose?
(a) Intention.
(b) Reliability.
(c) Proximity.
(d) Efficiency.

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

3. Michael Jensen is a professor at what university's business school?
(a) Harvard University.
(b) The University of Chicago.
(c) Yale University.
(d) Fordham University.

4. 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) Derivative equation.
(b) Deductive equation.
(c) Depression equation.
(d) Differential equation.

5. In economics, what is a good that is non-rival and non-excludable?
(a) A public good.
(b) A private good.
(c) A corporate good.
(d) A government good.

Short Answer Questions

1. Burton G. Malkiel is an American economist, most famous for what classic finance book?

2. In what year did the French government try to address its unemployment rates with what the author calls the economic equivalent of fool's gold?

3. What are negative results which occur while trying to achieve a goal for the common good?

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

5. When was Burton G. Malkiel born?

(see the answer key)

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