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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. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Least productive.
(b) Least wealthy.
(c) Most wealthy.
(d) Most productive.

2. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?
(a) Stock.
(b) Deductible.
(c) Bond.
(d) Option.

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

4. When did the Cuban Revolution end?
(a) 1984.
(b) 1996.
(c) 1979.
(d) 1959.

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

Short Answer Questions

1. Gary Becker is a professor of economics, sociology at what institution?

2. 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?

3. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?

4. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?

5. In what political structure does the government set the price and decide what's on the shelves?

(see the answer key)

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