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This quiz consists of 5 multiple choice and 5 short answer questions through Chapters 4-7.

Multiple Choice Questions

1. What describes the extent to which time or effort is well used for the intended task or purpose?
(a) Intention.
(b) Proximity.
(c) Reliability.
(d) Efficiency.

2. The Hope Scholarship program was shut down after how many years, according to the author?
(a) 5.
(b) 4.
(c) 9.
(d) 2.

3. What are negative results which occur while trying to achieve a goal for the common good?
(a) Perverse incentives.
(b) Ghost incentives.
(c) Abstract incentives.
(d) Unknown incentives.

4. When did Ross Perot found Electronic Data Systems?
(a) 1977.
(b) 1955.
(c) 1971.
(d) 1962.

5. Cuba remained a territory of Spain until the Spanish-American War ended in what year?
(a) 1862.
(b) 1913.
(c) 1841.
(d) 1898.

Short Answer Questions

1. When did the Korean War end?

2. When did the Cuban Revolution end?

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

4. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?

5. 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?

(see the answer key)

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