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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. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?
(a) The Yom Kippur War.
(b) The Torah War.
(c) The Gaza War.
(d) The Jerusalem War.

2. What is the third simple need of financial markets, as discussed in Chapter 7?
(a) Raising capital.
(b) Insuring against risk.
(c) Speculation.
(d) Storing, protecting and making profitable use of excess capital.

3. What does ERM stand for?
(a) Environmental Rarity Market.
(b) Electronic Remanufacturing Market.
(c) Education Resource Mechanism.
(d) European Exchange Rate Mechanism.

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?
(a) Subsidy.
(b) Inflation.
(c) Deductible.
(d) Collateral.

5. Human capital is extremely important in economics because it is also tied together with what?
(a) Inflation.
(b) Productivity.
(c) Security.
(d) Collateral.

Short Answer Questions

1. The U.S. adopted a silver standard based on the Spanish milled dollar in what year?

2. According to the author in Chapter 13, some argue that high temperatures and heavy rainfall yield poor food production and and increase in what, therefore limiting a location's ability to create a thriving economy?

3. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?

4. When did the Great Depression begin in the United States?

5. What are negative results which occur while trying to achieve a goal for the common good?

(see the answer key)

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