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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 is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?
(a) Total national happiness.
(b) National savings.
(c) Current account surplus/deficit.
(d) Income inequality.

2. Ross Perot ran for President of the United States in what year?
(a) 1992.
(b) 1988.
(c) 2002.
(d) 2000.

3. In finance, what is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price?
(a) Option.
(b) Portfolio.
(c) Trade-off.
(d) Bond.

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

5. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?
(a) 1994.
(b) 2005.
(c) 1998.
(d) 2002.

Short Answer Questions

1. What does GDP stand for?

2. What, according to the author, motivates talented teachers to leave to go onto other professions?

3. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?

4. What publication commented on the French president's desire to come up with a way to measure human happiness, saying that it's like asking experts to put a number on spiritual matters?

5. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?

(see the answer key)

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