|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?
(b) Wall Street.
(d) Everyday life.
2. What, according to the author, motivates talented teachers to leave to go onto other professions?
(a) Supply and demand.
(d) The uniform pay scale.
3. What rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who hears New York?"
(b) "Who feeds Paris?"
(c) "Who smells Detroit?"
(d) "Who sees London?"
4. In what year did the French government try to address its unemployment rates with what the author calls the economic equivalent of fool's gold?
5. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
(b) The Communist Manifesto.
(c) The Juche Idea.
6. What is the capital of the Republic of Cuba?
7. According to the principles of a market economy, if it's raining, it's time to sell what?
8. When was Douglas Ivester born?
9. What is the capital of the Democratic People's Republic of Korea?
(b) Honk Kong.
10. Gary Becker received the United States Presidential Medal of Freedom in what year?
11. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?
12. Douglas Ivester's goal was achieving what when he told his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) Brand recognition.
(b) Freedom for the German people.
(c) World domination.
(d) Reinstitution of Communism.
13. 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?
14. 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?
(a) Money market.
(b) Floating exchange rate.
(c) Adverse selection.
(d) Supply and demand.
15. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?
Short Answer Questions
1. Gary Becker is a professor of economics, sociology at what institution?
2. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?
3. 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?
4. OPEC has maintained its headquarters where since 1965?
5. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?
This section contains 492 words
(approx. 2 pages at 300 words per page)