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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. 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 fourth?
(a) Unemployment.
(b) Income inequality.
(c) National savings.
(d) Size of the government.

2. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
(a) Nonprofit organizations.
(b) Corporations.
(c) The government.
(d) Religious institutions.

3. OPEC has maintained its headquarters where since 1965?
(a) Vienna.
(b) Toronto.
(c) Havana.
(d) Sydney.

4. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?
(a) $0.25.
(b) $0.75.
(c) $0.50.
(d) $0.60.

5. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?
(a) Inflation.
(b) Collateral.
(c) Deflation.
(d) Interest.

Short Answer Questions

1. 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?

2. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?

3. 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?

4. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?

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

(see the answer key)

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