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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. What does GDP stand for?
(a) Geographic Diversity Plot.
(b) Gain and Drain Portfolio.
(c) Gross Domestic Product.
(d) Gems and Diamonds Per capita.

2. When did the Korean War begin?
(a) 1931.
(b) 1948.
(c) 1950.
(d) 1959.

3. When did the Korean War end?
(a) 1962.
(b) 1966.
(c) 1970.
(d) 1953.

4. What are negative results which occur while trying to achieve a goal for the common good?
(a) Unknown incentives.
(b) Perverse incentives.
(c) Ghost incentives.
(d) Abstract incentives.

5. What rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who sees London?"
(b) "Who feeds Paris?"
(c) "Who hears New York?"
(d) "Who smells Detroit?"

Short Answer Questions

1. What is generally a fungible, negotiable financial instrument representing financial value?

2. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?

3. According to the author in Chapter 1, companies want to profit, and consumers want what?

4. The Chinese GDP has grown substantially over the past decade, yet its success is correlated to what, according to the author in Chapter 9?

5. What is the capital of the Democratic People's Republic of Korea?

(see the answer key)

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