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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 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?
(a) Barrier.
(b) Belief.
(c) Punishment.
(d) Incentive.

2. According to the principles of a market economy, if it's raining, it's time to sell what?
(a) Boats.
(b) Umbrellas.
(c) Loans.
(d) Houses.

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

4. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?
(a) Futures contract.
(b) Money market.
(c) Asset allocation.
(d) Adverse selection.

5. Douglas Ivester was appointed as Chairman and Chief Executive Officer of Coca-Cola Company after whose death?
(a) Roberto Goizueta.
(b) Mark Miringhoff.
(c) Ronald Coase.
(d) George Stigler.

Short Answer Questions

1. When was Douglas Ivester born?

2. Cuba remained a territory of Spain until the Spanish-American War ended in what year?

3. When did the Cuban Revolution end?

4. According to the author, there are two lessons to be learned from a monopoly situation. What is the first?

5. What does CEO stand for?

(see the answer key)

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