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This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 11-Epilogue.
Multiple Choice Questions
1. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?
(b) Futures contract.
(d) Exchange rate.
2. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Adverse selection.
(d) Per capita.
3. Gary Becker is a professor of economics, sociology at what institution?
(a) The University of Chicago.
(b) The University of Montana.
(c) Fordham University.
(d) Harvard University.
4. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?
(a) A poison.
(b) An aphrodesiac.
(c) An evil potion.
(d) An alkaloid.
5. The Cuban Revolution deposed what dictator?
(a) Fulgencio Batista.
(b) Nicholas Sarkozy.
(c) Roberto Goizueta.
(d) Fidel Castro.
Short Answer Questions
1. 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?
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?
3. Nonperforming loans and bad investments caused the banks to suffer in Iceland, and by the fall of 2008, how many major banks in the country were defunct according to the author in Chapter 11?
4. When did the Great Depression begin in the United States?
5. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?
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