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This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 11-Epilogue.
Multiple Choice Questions
1. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?
(a) Deductive reasoning.
(b) Perverse incentives.
(c) Public policy.
(d) Pork barrel.
2. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?
(a) Governments should provide more services.
(b) Governments should maintain the financial infrastructure more.
(c) Government shouldn't provide any service that could be covered by the private sector.
(d) Government shouldn't actually do the work of maintaining infrastructure.
3. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?
(a) Adverse selection.
(b) Asset allocation.
(c) Futures contract.
(d) Money market.
4. When did Ross Perot found Electronic Data Systems?
(a) 1955.
(b) 1962.
(c) 1971.
(d) 1977.
5. What term refers to currency with no international value?
(a) Monopoly money.
(b) Funny money.
(c) Fast cash.
(d) Vouchers.
Short Answer Questions
1. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the second?
2. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
3. 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 third?
4. The Hope Scholarship program was shut down after how many years, according to the author?
5. The author writes that trade helps the economy by doing what, in Chapter 12?
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