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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 received the United States Presidential Medal of Freedom in what year?
(a) 1995.
(b) 2004.
(c) 2007.
(d) 1998.

2. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
(a) The government.
(b) Religious institutions.
(c) Corporations.
(d) Nonprofit organizations.

3. What contends that prices of publicly traded assets reflect all publicly available information?
(a) The efficient market hypothesis.
(b) Supply and demand.
(c) The uniform pay scale.
(d) Adverse selection.

4. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?
(a) Analyzing risk.
(b) Using their own money.
(c) Paying out interest.
(d) Keeping enough money on hand.

5. 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) Futures contract.
(c) Differential equation.
(d) Human capital.

Short Answer Questions

1. When did the Cuban Revolution end?

2. According to the author, the Hope Scholarships were a plan wherein students could borrow money for college and pay back their loans after they graduated using what?

3. What is the capital of the Republic of Cuba?

4. Gary Becker figured that the stock of skills, education, training and an individual's health constitutes about what percent of a modern economy's wealth?

5. Michael Jensen refers to company stock options as what in Chapter 2?

(see the answer key)

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