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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What refers to reasoning which constructs or evaluates deductive arguments?
(a) Decisive reasoning.
(b) Critical reasoning.
(c) Constructive reasoning.
(d) Deductive reasoning.

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?
(a) Business cycle.
(b) Futures contract.
(c) Supply and demand.
(d) Asset allocation.

3. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?
(a) Raised.
(b) Maintained.
(c) Lowered.
(d) Prohibitive.

4. Cuba remained a territory of Spain until the Spanish-American War ended in what year?
(a) 1862.
(b) 1898.
(c) 1913.
(d) 1841.

5. What is the capital of the Democratic People's Republic of Korea?
(a) Osaka.
(b) Pyongyang.
(c) Honk Kong.
(d) Beijing.

6. What, according to the author, motivates talented teachers to leave to go onto other professions?
(a) Legislation.
(b) Capitalism.
(c) The uniform pay scale.
(d) Supply and demand.

7. 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) Punishment.
(b) Belief.
(c) Barrier.
(d) Incentive.

8. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?
(a) Deductible.
(b) Option.
(c) Stock.
(d) Bond.

9. What refers to the increasingly global relationships of culture, people and economic activity?
(a) Consolidation.
(b) Monopoly.
(c) Slavery.
(d) Globalization.

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

11. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) Extreme Money: Masters of the Universe and the Cult of Risk.
(b) A Random Walk Down Wall Street.
(c) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.
(d) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.

12. What is the capital of the Republic of Cuba?
(a) Havana.
(b) Tijuana.
(c) Kingston.
(d) Miami.

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

14. In what year did the French government try to address its unemployment rates with what the author calls the economic equivalent of fool's gold?
(a) 1988.
(b) 1997.
(c) 1993.
(d) 2000.

15. What describes the extent to which time or effort is well used for the intended task or purpose?
(a) Proximity.
(b) Intention.
(c) Efficiency.
(d) Reliability.

Short Answer Questions

1. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?

2. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?

3. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?

4. Behavioral economics intertwine economics and what?

5. Who led the Cuban Revolution?

(see the answer keys)

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