|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
2. According to the author, the Hope Scholarships were a plan wherein students could borrow money for college and pay back their loans after they graduated using what?
(a) Regular debit payments.
(b) Interest free payments.
(c) A percentage of their annual income.
(d) Government bonds.
3. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?
(a) Everyday life.
(b) Wall Street.
4. According to the author in Chapter 1, companies want to profit, and consumers want what?
5. OPEC has maintained its headquarters where since 1965?
6. What is the capital of the Democratic People's Republic of Korea?
(b) Honk Kong.
7. What rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who sees London?"
(b) "Who smells Detroit?"
(c) "Who feeds Paris?"
(d) "Who hears New York?"
8. 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) Pork barrel.
(b) Adverse selection.
(c) Asset allocation.
(d) Gresham's law.
9. What, according to the author, motivates talented teachers to leave to go onto other professions?
(c) Supply and demand.
(d) The uniform pay scale.
10. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?
11. OPEC is an intergovernmental organization of how many oil-producing countries?
12. When did Ross Perot found Electronic Data Systems?
13. Human capital is extremely important in economics because it is also tied together with what?
14. Gary Becker figured that the stock of skills, education, training and an individual's health constitutes about what percent of a modern economy's wealth?
15. Gary Becker is a professor of economics, sociology at what institution?
(a) The University of Montana.
(b) The University of Chicago.
(c) Harvard University.
(d) Fordham University.
Short Answer Questions
1. When was Douglas Ivester born?
2. According to the author, financial markets boil down to four basic simple needs. What is the second discussed in Chapter 7?
3. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?
4. In Chapter 6, the author discusses poverty and income equality, using the example of what billionaire?
5. What does CEO stand for?
This section contains 427 words
(approx. 2 pages at 300 words per page)