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

2. Who introduced the Hope credit?
(a) Bill Clinton.
(b) John F. Kennedy.
(c) George W. Bush.
(d) Ronald Reagan.

3. In economics, what refers to a general slowdown in economic activity?
(a) Depression.
(b) Business cycle.
(c) Recession.
(d) Trade-off.

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

5. Who led the Cuban Revolution?
(a) Fulgencio Batista.
(b) Fidel Castro.
(c) Nicholas Sarkozy.
(d) Roberto Goizueta.

Short Answer Questions

1. Ross Perot ran for President of the United States in what year?

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 fifth?

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

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. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?

(see the answer key)

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