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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. When did the Korean War begin?
(a) 1948.
(b) 1959.
(c) 1931.
(d) 1950.

2. 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?
(a) Poverty.
(b) Income inequality.
(c) National savings.
(d) Demographics.

3. 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) Pork barrel.
(c) Public policy.
(d) Perverse incentives.

4. What contends that prices of publicly traded assets reflect all publicly available information?
(a) Supply and demand.
(b) The efficient market hypothesis.
(c) The uniform pay scale.
(d) Adverse selection.

5. In Chapter 6, the author discusses poverty and income equality, using the example of what billionaire?
(a) Ted Turner.
(b) Fidel Castro.
(c) Donald Trump.
(d) Bill Gates.

Short Answer Questions

1. What country withdrew from OPEC in 2008 after it became a net importer of oil?

2. When was the Federal Reserve Act enacted?

3. 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?

4. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?

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

(see the answer key)

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