|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 8-10.
Multiple Choice Questions
1. 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) Pork barrel.
(d) Adverse selection.
2. In economics and sociology, what refers to any factor that enables or motivates a particular course of action or counts as a reason for preferring one choice to the alternatives?
3. The benefit of the HDI in comparison to the GDP is that the GDP does not measure what, according to the author in Chapter 9?
(b) Political unrest.
4. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?
(a) Deductive reasoning.
(b) Pork barrel.
(c) Public policy.
(d) Perverse incentives.
5. According to the principles of a market economy, if it's raining, it's time to sell what?
Short Answer Questions
1. When did the Great Depression begin in the United States?
2. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?
3. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?
4. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?
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?
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