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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. According to the author in Chapter 1, companies want to profit, and consumers want what?
2. 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) Supply and demand.
(b) Floating exchange rate.
(c) Money market.
(d) Adverse selection.
3. What is an assistance paid to a business or economic sector?
4. In Chapter 6, the author discusses poverty and income equality, using the example of what billionaire?
(a) Donald Trump.
(b) Ted Turner.
(c) Fidel Castro.
(d) Bill Gates.
5. In economics, what is a good that is non-rival and non-excludable?
(a) A private good.
(b) A government good.
(c) A corporate good.
(d) A public good.
Short Answer Questions
1. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
2. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?
3. What rhetorical question do economists ask, according to the author in Chapter 1?
4. 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 third?
5. Gary Becker is a professor of economics, sociology at what institution?
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