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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. 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?
(a) Income inequality.
(b) Unemployment.
(c) Current account surplus/deficit.
(d) National savings.

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

3. What is an assistance paid to a business or economic sector?
(a) Derivative.
(b) Collateral.
(c) Interest.
(d) Subsidy.

4. What is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities?
(a) Asset allocation.
(b) Foreign Exchange Market.
(c) Index fund.
(d) Mutual fund.

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?
(a) 42.
(b) 35.
(c) 75.
(d) 60.

Short Answer Questions

1. In 1900, the average wage was how much per hour according to the author in Chapter 9?

2. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?

3. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?

4. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?

5. Who introduced the Hope credit?

(see the answer key)

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