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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. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?
(a) Raised.
(b) Prohibitive.
(c) Maintained.
(d) Lowered.

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

3. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?
(a) Perverse incentives.
(b) Gresham's law.
(c) Trade-off.
(d) The business cycle.

4. When was Gary Becker born?
(a) 1956.
(b) 1922.
(c) 1945.
(d) 1930.

5. OPEC has maintained its headquarters where since 1965?
(a) Sydney.
(b) Havana.
(c) Vienna.
(d) Toronto.

Short Answer Questions

1. According to the author in Chapter 1, companies want to profit, and consumers want what?

2. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?

3. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?

4. 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 eighth?

5. Michael Jensen refers to company stock options as what in Chapter 2?

(see the answer key)

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