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This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 8-10.

Multiple Choice Questions

1. What is a Latin prepositional phrase meaning "by heads"?
(a) In Unum.
(b) E Pluribus Unum.
(c) Et cetera.
(d) Per capita.

2. When did the Korean War end?
(a) 1966.
(b) 1970.
(c) 1953.
(d) 1962.

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

4. What is a term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?
(a) Gresham's law.
(b) Asset allocation.
(c) Adverse selection.
(d) Pork barrel.

5. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the seventh?
(a) Current account surplus/deficit.
(b) National savings.
(c) Demographics.
(d) Total national happiness.

Short Answer Questions

1. In 1900, the average wage was how much per hour according to the author in Chapter 9?

2. What refers to economy-wide fluctuations in production or economic activity over several months or years?

3. What is an assistance paid to a business or economic sector?

4. In many countries, the negative effects of the Great Depression lasted until the start of what?

5. When did the Cuban Revolution end?

(see the answer key)

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