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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. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?
(a) Gresham's law.
(b) Perverse incentives.
(c) Trade-off.
(d) The business cycle.

2. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?
(a) Derivative equation.
(b) Differential equation.
(c) Depression equation.
(d) Deductive equation.

3. Charles Wheelan was an unsuccessful Democratic candidate in the special election for Illinois's 5th congressional district, the seat vacated by whom?
(a) Bill Clinton.
(b) Abraham Lincoln.
(c) Barack Obama.
(d) Rahm Emanuel.

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

5. When did the Cuban Revolution end?
(a) 1979.
(b) 1996.
(c) 1984.
(d) 1959.

Short Answer Questions

1. Cuba remained a territory of Spain until the Spanish-American War ended in what year?

2. What does OPEC stand for?

3. What does FX stand for?

4. Gary Becker is a professor of economics, sociology at what institution?

5. According to the principles of a market economy, if it's raining, it's time to sell what?

(see the answer key)

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