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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. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?
(a) $0.50.
(b) $0.25.
(c) $0.60.
(d) $0.75.
2. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?
(a) Income inequality.
(b) Total national happiness.
(c) Current account surplus/deficit.
(d) National savings.
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 second?
(a) Poverty.
(b) Demographics.
(c) Income inequality.
(d) National savings.
4. What country had a bad reputation so it's government created a currency board ensuring that each of its pesos was worth one United States dollar?
(a) Ecuador.
(b) Brazil.
(c) Argentina.
(d) Peru.
5. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?
(a) Legislation.
(b) Exchange rate.
(c) Derivative.
(d) Futures contract.
Short Answer Questions
1. 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?
2. The benefit of the HDI in comparison to the GDP is that the GDP does not measure what, according to the author in Chapter 9?
3. According to the author in Chapter 1, companies want to profit, and consumers want what?
4. Gary Becker is a professor of economics, sociology at what institution?
5. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?
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