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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 corporate good.
(b) A private good.
(c) A government good.
(d) A public good.

2. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?
(a) Money market.
(b) Floating exchange rate.
(c) Index fund.
(d) Mutual fund.

3. In Chapter 6, the author discusses poverty and income equality, using the example of what billionaire?
(a) Bill Gates.
(b) Fidel Castro.
(c) Ted Turner.
(d) Donald Trump.

4. 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) $30,000.
(c) $120,000.
(d) $15,000.

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?
(a) Common financial system.
(b) Integral financial system.
(c) Universal financial system.
(d) Global financial system.

Short Answer Questions

1. What describes the extent to which time or effort is well used for the intended task or purpose?

2. 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?

3. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?

4. When did the Korean War end?

5. Who introduced the Hope credit?

(see the answer key)

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