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

Multiple Choice Questions

1. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?
(a) Futures contract.
(b) Differential equation.
(c) Human capital.
(d) Index fund.

2. What is the capital of the Democratic People's Republic of Korea?
(a) Honk Kong.
(b) Beijing.
(c) Osaka.
(d) Pyongyang.

3. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?
(a) London.
(b) Mexico City.
(c) Pyongyang.
(d) New York.

4. What term was first used in the early 1990s to denote an organization's reputation as an employer?
(a) Trade-off.
(b) Employer branding.
(c) The Juche Idea.
(d) Futures contract.

5. When did the Korean War end?
(a) 1962.
(b) 1966.
(c) 1970.
(d) 1953.

6. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?
(a) Floating exchange rate.
(b) Money market.
(c) Adverse selection.
(d) Supply and demand.

7. What is the capital of the Republic of Cuba?
(a) Tijuana.
(b) Kingston.
(c) Havana.
(d) Miami.

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

9. Gary Becker is a professor of economics, sociology at what institution?
(a) Fordham University.
(b) The University of Montana.
(c) The University of Chicago.
(d) Harvard University.

10. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Most wealthy.
(b) Least wealthy.
(c) Least productive.
(d) Most productive.

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

12. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
(a) Marxism.
(b) The Communist Manifesto.
(c) The Juche Idea.
(d) Capitalism.

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

14. What is a term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?
(a) Asset allocation.
(b) Adverse selection.
(c) Gresham's law.
(d) Pork barrel.

15. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?
(a) Derivative equation.
(b) Differential equation.
(c) Depression equation.
(d) Deductive equation.

Short Answer Questions

1. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?

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

3. Burton G. Malkiel is an American economist, most famous for what classic finance book?

4. When was Burton G. Malkiel born?

5. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?

(see the answer keys)

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