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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 rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who smells Detroit?"
(b) "Who hears New York?"
(c) "Who feeds Paris?"
(d) "Who sees London?"

2. In finance, what is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future delivery date?
(a) Asset allocation.
(b) Supply and demand.
(c) Futures contract.
(d) Business cycle.

3. Gary Becker figured that the stock of skills, education, training and an individual's health constitutes about what percent of a modern economy's wealth?
(a) 42.
(b) 75.
(c) 60.
(d) 35.

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?
(a) Investors Business Daily.
(b) The Economist.
(c) The Economic Times.
(d) The Wall Street Journal.

5. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?
(a) $1,000.
(b) $2,500.
(c) $6,000.
(d) $8,700.

Short Answer Questions

1. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?

2. What does HDI stand for?

3. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?

4. 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 second?

5. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?

(see the answer key)

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