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

2. The Chinese GDP has grown substantially over the past decade, yet its success is correlated to what, according to the author in Chapter 9?
(a) Interest payments.
(b) Utility costs.
(c) Quality of life.
(d) Environmental degradation.

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

4. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?
(a) Deflation.
(b) Interest.
(c) Collateral.
(d) Inflation.

5. 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?
(a) Poverty.
(b) Total national happiness.
(c) Unemployment.
(d) National savings.

Short Answer Questions

1. What refers to a market where prices are determined by supply and demand?

2. Cuba remained a territory of Spain until the Spanish-American War ended in what year?

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

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

5. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?

(see the answer key)

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