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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 rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who hears New York?"
(b) "Who sees London?"
(c) "Who feeds Paris?"
(d) "Who smells Detroit?"

2. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?
(a) Lowered.
(b) Prohibitive.
(c) Maintained.
(d) Raised.

3. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?
(a) New York.
(b) London.
(c) Mexico City.
(d) Pyongyang.

4. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?
(a) Paying out interest.
(b) Keeping enough money on hand.
(c) Analyzing risk.
(d) Using their own money.

5. Michael Jensen refers to company stock options as what in Chapter 2?
(a) "Cocaine for businessmen."
(b) "Wall Streets marijuana."
(c) "A trough of money."
(d) "Managerial heroin."

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

3. In what political structure does the government set the price and decide what's on the shelves?

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

5. 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?

(see the answer key)

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