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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) Efficiency.
(b) Reliability.
(c) Proximity.
(d) Intention.

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

3. When was Douglas Ivester born?
(a) 1939.
(b) 1947.
(c) 1958.
(d) 1922.

4. What contends that prices of publicly traded assets reflect all publicly available information?
(a) The uniform pay scale.
(b) Adverse selection.
(c) Supply and demand.
(d) The efficient market hypothesis.

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

Short Answer Questions

1. 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?

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

3. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?

4. Michael Jensen is a professor at what university's business school?

5. In economics and sociology, what refers to any factor that enables or motivates a particular course of action or counts as a reason for preferring one choice to the alternatives?

(see the answer key)

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