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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 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 fifth?
(a) Poverty.
(b) Budget deficit/surplus.
(c) Income inequality.
(d) Demographics.

2. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
(a) Funnels.
(b) Daggers.
(c) Paperweights.
(d) Necklaces.

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 seventh?
(a) National savings.
(b) Current account surplus/deficit.
(c) Total national happiness.
(d) Demographics.

4. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
(a) 1988.
(b) 1992.
(c) 2003.
(d) 1997.

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

Short Answer Questions

1. What is the capital of the Democratic People's Republic of Korea?

2. What does GDP stand for?

3. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?

4. Ross Perot ran for President of the United States in what year?

5. According to the principles of a market economy, if it's raining, it's time to sell what?

(see the answer key)

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