|Name: _________________________||Period: ___________________|
This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. Ross Perot ran for President of the United States in what year?
2. 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) Adverse selection.
(b) Asset allocation.
(c) Pork barrel.
(d) Gresham's law.
3. Behavioral economics intertwine economics and what?
4. 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?
5. The Cuban Revolution deposed what dictator?
(a) Roberto Goizueta.
(b) Nicholas Sarkozy.
(c) Fulgencio Batista.
(d) Fidel Castro.
Short Answer Questions
1. 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?
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. When did the Korean War end?
4. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?
5. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?
Short Essay Questions
1. What is the ERM? What is its role according to the author in Chapter 11?
2. How is the question of income security answered by the author in Chapter 6?
3. How does the author describe the concept of maximizing profits in Chapter 1? What examples does he give?
4. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?
5. In the example given in Chapter 11 of Argentina borrowing the reputation of the U.S., what was the outcome?
6. How do the resources of a country reflect its economic well-being, according to the author in Chapter 6?
7. How does the author describe Douglas Ivester's marketing tactic in Chapter 1?
8. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?
9. How is adverse selection described in the example of Hope Scholarships in Chapter 4?
10. What does the GDP not factor in, according to the author in Chapter 9?
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