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

Multiple Choice Questions

1. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
(a) 1992.
(b) 2003.
(c) 1988.
(d) 1997.

2. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?
(a) A poison.
(b) An aphrodesiac.
(c) An evil potion.
(d) An alkaloid.

3. Michael Jensen is a professor at what university's business school?
(a) Yale University.
(b) The University of Chicago.
(c) Fordham University.
(d) Harvard University.

4. In what year did Douglas Ivester tell his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) 1969.
(b) 1977.
(c) 1982.
(d) 1989.

5. According to the author, there are two lessons to be learned from a monopoly situation. What is the first?
(a) Government shouldn't provide any service that could be covered by the private sector.
(b) Governments should maintain the financial infrastructure more.
(c) Governments should provide more services.
(d) Government shouldn't actually do the work of maintaining infrastructure.

Short Answer Questions

1. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?

2. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?

3. What does CEO stand for?

4. 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?

5. 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?

(see the answer key)

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