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

Multiple Choice Questions

1. Douglas Ivester was appointed as Chairman and Chief Executive Officer of Coca-Cola Company after whose death?
(a) Roberto Goizueta.
(b) George Stigler.
(c) Mark Miringhoff.
(d) Ronald Coase.

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

3. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
(a) The Communist Manifesto.
(b) Capitalism.
(c) The Juche Idea.
(d) Marxism.

4. What is the fourth simple need of financial markets, as discussed in Chapter 7?
(a) Storing, protecting and making profitable use of excess capital.
(b) Speculation.
(c) Insuring against risk.
(d) Raising capital.

5. 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) Money market.
(b) Adverse selection.
(c) Floating exchange rate.
(d) Supply and demand.

6. North Korea is a single-party state under a united front led by what party?
(a) The Communist Party.
(b) The Korean Workers' Party.
(c) The Democratic Party.
(d) The Korean Entitlement Party.

7. Gary Becker is a professor of economics, sociology at what institution?
(a) The University of Chicago.
(b) Harvard University.
(c) Fordham University.
(d) The University of Montana.

8. Who led the Cuban Revolution?
(a) Fidel Castro.
(b) Fulgencio Batista.
(c) Nicholas Sarkozy.
(d) Roberto Goizueta.

9. What does CEO stand for?
(a) Chief Executive Officer.
(b) Cheap Everpresent Oil.
(c) Civil Engineer's Office.
(d) Continental Energy Options.

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

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

12. 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) Futures contract.
(d) Differential equation.

13. 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) New York.
(b) Pyongyang.
(c) London.
(d) Mexico City.

14. According to the author, financial markets boil down to four basic simple needs. What is the second discussed in Chapter 7?
(a) Speculation.
(b) Insuring against risk.
(c) Storing, protecting and making profitable use of excess capital.
(d) Raising capital.

15. Ross Perot ran for President of the United States in what year?
(a) 1992.
(b) 1988.
(c) 2002.
(d) 2000.

Short Answer Questions

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

2. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?

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

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

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

(see the answer keys)

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