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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. In what year did the French government try to address its unemployment rates with what the author calls the economic equivalent of fool's gold?
(a) 1988.
(b) 2000.
(c) 1997.
(d) 1993.

2. In what political structure does the government set the price and decide what's on the shelves?
(a) Utopianism.
(b) Capitalism.
(c) Marxism.
(d) Communism.

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?
(a) Asset allocation.
(b) Communism.
(c) Money market.
(d) Capitalism.

4. According to the author, the Hope Scholarships were a plan wherein students could borrow money for college and pay back their loans after they graduated using what?
(a) Government bonds.
(b) Regular debit payments.
(c) A percentage of their annual income.
(d) Interest free payments.

5. Who introduced the Hope credit?
(a) John F. Kennedy.
(b) Ronald Reagan.
(c) Bill Clinton.
(d) George W. Bush.

6. According to the principles of a market economy, if it's raining, it's time to sell what?
(a) Boats.
(b) Houses.
(c) Umbrellas.
(d) Loans.

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

8. What is a collective investment scheme that aims to replicate the movements of an index of a specific financial market regardless of market conditions?
(a) Index fund.
(b) Futures contract.
(c) Public policy.
(d) Money market.

9. In economics, what is a good that is non-rival and non-excludable?
(a) A public good.
(b) A corporate good.
(c) A private good.
(d) A government good.

10. Ross Perot ran for President of the United States in what year?
(a) 2000.
(b) 1988.
(c) 2002.
(d) 1992.

11. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
(a) Religious institutions.
(b) Nonprofit organizations.
(c) The government.
(d) Corporations.

12. Gary Becker received the United States Presidential Medal of Freedom in what year?
(a) 1998.
(b) 1995.
(c) 2004.
(d) 2007.

13. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?
(a) Losing their medical license.
(b) Unnecessary fatalities.
(c) Spreading diseases.
(d) Getting sued.

14. According to the author in Chapter 1, companies want to profit, and consumers want what?
(a) Education.
(b) Results.
(c) Satisfaction.
(d) Safety.

15. North Korea is a single-party state under a united front led by what party?
(a) The Democratic Party.
(b) The Communist Party.
(c) The Korean Entitlement Party.
(d) The Korean Workers' Party.

Short Answer Questions

1. Behavioral economics intertwine economics and what?

2. In Chapter 6, the author discusses poverty and income equality, using the example of what billionaire?

3. What is the third simple need of financial markets, as discussed in Chapter 7?

4. When did the Cuban Revolution begin?

5. 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?

(see the answer keys)

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