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

Multiple Choice Questions

1. What refers to reasoning which constructs or evaluates deductive arguments?
(a) Decisive reasoning.
(b) Critical reasoning.
(c) Deductive reasoning.
(d) Constructive reasoning.

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

3. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?
(a) Futures contract.
(b) Derivative.
(c) Legislation.
(d) Exchange rate.

4. 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) Asset allocation.
(b) Gresham's law.
(c) Pork barrel.
(d) Adverse selection.

5. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) Extreme Money: Masters of the Universe and the Cult of Risk.
(b) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.
(c) A Random Walk Down Wall Street.
(d) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.

Short Answer Questions

1. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?

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

3. 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?

4. When was the Hope credit established?

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?

(see the answer key)

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