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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 and sociology, what refers to any factor that enables or motivates a particular course of action or counts as a reason for preferring one choice to the alternatives?
(a) Belief.
(b) Punishment.
(c) Barrier.
(d) Incentive.

2. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?
(a) Index fund.
(b) Human capital.
(c) Differential equation.
(d) Futures contract.

3. When was Gary Becker born?
(a) 1930.
(b) 1956.
(c) 1922.
(d) 1945.

4. Michael Jensen refers to company stock options as what in Chapter 2?
(a) "A trough of money."
(b) "Managerial heroin."
(c) "Cocaine for businessmen."
(d) "Wall Streets marijuana."

5. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?
(a) London.
(b) Pyongyang.
(c) Mexico City.
(d) New York.

Short Answer Questions

1. OPEC is an intergovernmental organization of how many oil-producing countries?

2. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?

3. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?

4. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?

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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