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This quiz consists of 5 multiple choice and 5 short answer questions through Chapters 4-7.

Multiple Choice Questions

1. 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?
(a) 1993.
(b) 1997.
(c) 1988.
(d) 2000.

2. What is a term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?
(a) Pork barrel.
(b) Asset allocation.
(c) Gresham's law.
(d) Adverse selection.

3. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?
(a) Collateral.
(b) Deductible.
(c) Inflation.
(d) Subsidy.

4. When did the Cuban Revolution begin?
(a) 1965.
(b) 1972.
(c) 1934.
(d) 1953.

5. 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) London.
(b) Pyongyang.
(c) New York.
(d) Mexico City.

Short Answer Questions

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

2. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?

3. When did Ross Perot found Electronic Data Systems?

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

5. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?

(see the answer key)

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