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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 fourth?
(a) National savings.
(b) Income inequality.
(c) Size of the government.
(d) Unemployment.

2. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Per capita.
(b) Adverse selection.
(c) Trade-off.
(d) Legislation.

3. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?
(a) Money market.
(b) Asset allocation.
(c) Adverse selection.
(d) Futures contract.

4. 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) $0.75.
(d) $0.60.

5. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?
(a) Deflation.
(b) Interest.
(c) Inflation.
(d) Collateral.

Short Answer Questions

1. In Chapter 13, the author states that according to the United Nations Food and Agriculture Organization, over how many people in this world don't get enough to eat?

2. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?

3. Behavioral economics intertwine economics and what?

4. 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?

5. What does OPEC stand for?

(see the answer key)

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