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This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 11-Epilogue.

Multiple Choice Questions

1. In finance, what between two currencies is the rate at which one currency will be exchanged for another?
(a) Exchange rate.
(b) Devaluation.
(c) Collateral.
(d) Deductible.

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

3. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?
(a) Futures contract.
(b) Derivative.
(c) Exchange rate.
(d) Legislation.

4. According to the author in Chapter 13, some argue that high temperatures and heavy rainfall yield poor food production and and increase in what, therefore limiting a location's ability to create a thriving economy?
(a) Floods.
(b) Disease.
(c) Predator species.
(d) Dust.

5. OPEC has maintained its headquarters where since 1965?
(a) Toronto.
(b) Vienna.
(c) Havana.
(d) Sydney.

Short Answer Questions

1. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?

2. What term was first used in the early 1990s to denote an organization's reputation as an employer?

3. In finance, what is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price?

4. What refers to the increasingly global relationships of culture, people and economic activity?

5. What is the third simple need of financial markets, as discussed in Chapter 7?

(see the answer key)

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