View a FREE sample

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

Multiple Choice Questions

1. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?
(a) Supply and demand.
(b) Adverse selection.
(c) Money market.
(d) Floating exchange rate.

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

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

4. According to the author in Chapter 1, companies want to profit, and consumers want what?
(a) Safety.
(b) Satisfaction.
(c) Results.
(d) Education.

5. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?
(a) Research, invest, watch.
(b) Save, invest, and repeat.
(c) Invest, watch, sell.
(d) Research, fact check, invest.

Short Answer Questions

1. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?

2. When was Gary Becker born?

3. North Korea is a single-party state under a united front led by what party?

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

5. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?

(see the answer key)

This section contains 291 words (approx. 1 page at 300 words per page) View a FREE sample