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This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 8-10.

Multiple Choice Questions

1. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?
(a) 29%.
(b) 44%.
(c) 62%.
(d) 14%.

2. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?
(a) Getting sued.
(b) Losing their medical license.
(c) Spreading diseases.
(d) Unnecessary fatalities.

3. What is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities?
(a) Mutual fund.
(b) Index fund.
(c) Asset allocation.
(d) Foreign Exchange Market.

4. What is the capital of the Republic of Cuba?
(a) Miami.
(b) Tijuana.
(c) Kingston.
(d) Havana.

5. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the seventh?
(a) Total national happiness.
(b) National savings.
(c) Demographics.
(d) Current account surplus/deficit.

Short Answer Questions

1. When did the Cuban Revolution end?

2. According to the author, there are two lessons to be learned from a monopoly situation. What is the first?

3. The Hope Scholarship program was shut down after how many years, according to the author?

4. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?

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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