|Name: _________________________||Period: ___________________|
This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. 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?
2. What is the third simple need of financial markets, as discussed in Chapter 7?
(b) Insuring against risk.
(c) Storing, protecting and making profitable use of excess capital.
(d) Raising capital.
3. 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?
4. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
5. What refers to the increasingly global relationships of culture, people and economic activity?
Short Answer Questions
1. 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?
2. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?
3. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
4. Who led the Cuban Revolution?
5. 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?
Short Essay Questions
1. What investment tactic is recommended for the average investor without much expertise in the market in Chapter 7?
2. How does the author address the question of "getting rich quickly" in the market in Chapter 7?
3. How does the author of the Foreword describe Charles Wheelan's approach to explaining economics in "Naked Economics: Undressing the Dismal Science"?
4. How does the author describe the tactics used by OPEC in Chapter 1?
5. What lessons can be learned from a monopoly situation according to the author in Chapter 4?
6. What are the ramifications of decisions made in the world of finance and legislation, according to the author in the Introduction?
7. What examples does the author give for the uninformed relaying false information in the Introduction?
8. Who wrote the book's Foreword? What does this individual say regarding the perception of economics and economists?
9. How does the author describe Douglas Ivester's marketing tactic in Chapter 1?
10. How does the author describe the concept of maximizing profits in Chapter 1? What examples does he give?
This section contains 956 words
(approx. 4 pages at 300 words per page)