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

2. Gary Becker figured that the stock of skills, education, training and an individual's health constitutes about what percent of a modern economy's wealth?
(a) 35.
(b) 42.
(c) 75.
(d) 60.

3. 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?
(a) Option.
(b) Bond.
(c) Deductible.
(d) Stock.

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

5. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?
(a) $8,700.
(b) $1,000.
(c) $6,000.
(d) $2,500.

Short Answer Questions

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

2. What refers to reasoning which constructs or evaluates deductive arguments?

3. The Cuban Revolution deposed what dictator?

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

5. What is an investment position intended to offset potential losses that may be incurred by a companion investment?

(see the answer key)

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