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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 is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Legislation.
(b) Adverse selection.
(c) Trade-off.
(d) Per capita.

2. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?
(a) Deductible.
(b) Derivative.
(c) Subsidy.
(d) Interest.

3. What refers to a market where prices are determined by supply and demand?
(a) Random market.
(b) Influx market.
(c) Free market.
(d) Controlled market.

4. What does CEO stand for?
(a) Cheap Everpresent Oil.
(b) Continental Energy Options.
(c) Civil Engineer's Office.
(d) Chief Executive Officer.

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

Short Answer Questions

1. According to the author, financial markets boil down to four basic simple needs. What is the second discussed in Chapter 7?

2. In finance, what is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future delivery date?

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

4. When was the Hope credit established?

5. What rhetorical question do economists ask, according to the author in Chapter 1?

(see the answer key)

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