View a FREE sample

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

Multiple Choice Questions

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

2. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?
(a) Total national happiness.
(b) National savings.
(c) Current account surplus/deficit.
(d) Income inequality.

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

4. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?
(a) Universal financial system.
(b) Integral financial system.
(c) Common financial system.
(d) Global financial system.

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

Short Answer Questions

1. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?

2. Mark Miringhoff believes the nation should have what, as described in Chapter 9?

3. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?

4. The GDP does not consider economic activity that is what, according to the author in Chapter 9?

5. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?

(see the answer key)

This section contains 274 words (approx. 1 page at 300 words per page) View a FREE sample