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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 contends that prices of publicly traded assets reflect all publicly available information?
(a) The uniform pay scale.
(b) Adverse selection.
(c) The efficient market hypothesis.
(d) Supply and demand.

2. 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) Current account surplus/deficit.
(b) Total national happiness.
(c) Demographics.
(d) National savings.

3. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
(a) Capitalism.
(b) The Communist Manifesto.
(c) The Juche Idea.
(d) Marxism.

4. In Chapter 6, the author discusses poverty and income equality, using the example of what billionaire?
(a) Ted Turner.
(b) Fidel Castro.
(c) Bill Gates.
(d) Donald Trump.

5. North Korea is a single-party state under a united front led by what party?
(a) The Communist Party.
(b) The Democratic Party.
(c) The Korean Workers' Party.
(d) The Korean Entitlement Party.

Short Answer Questions

1. 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?

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

3. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?

4. What refers to economy-wide fluctuations in production or economic activity over several months or years?

5. The Cuban Revolution deposed what dictator?

(see the answer key)

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