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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) Size of the government.
(c) National savings.
(d) Income inequality.

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

3. What does OPEC stand for?
(a) Organization of Petroleum Exporting Countries.
(b) Oval Palace Executive Class.
(c) Original Plan Excluding Copyright.
(d) Oil and Petroleum Exclusion Clause.

4. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?
(a) Futures contract.
(b) Exchange rate.
(c) Legislation.
(d) Derivative.

5. What is the fourth simple need of financial markets, as discussed in Chapter 7?
(a) Insuring against risk.
(b) Storing, protecting and making profitable use of excess capital.
(c) Speculation.
(d) Raising capital.

Short Answer Questions

1. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?

2. In economics, what is a good that is non-rival and non-excludable?

3. 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 first?

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

5. What is a collective investment scheme that aims to replicate the movements of an index of a specific financial market regardless of market conditions?

(see the answer key)

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