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

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

3. What rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who feeds Paris?"
(b) "Who smells Detroit?"
(c) "Who sees London?"
(d) "Who hears New York?"

4. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?
(a) Deductive reasoning.
(b) Perverse incentives.
(c) Pork barrel.
(d) Public policy.

5. What does HDI stand for?
(a) Hunger Depletion Index.
(b) Hereditary Disease Index.
(c) Habitat Degradation Index.
(d) Human Development Index.

Short Answer Questions

1. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?

2. 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?

3. What does GDP stand for?

4. According to the author in Chapter 1, companies want to profit, and consumers want what?

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 second?

(see the answer key)

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