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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

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

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

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

4. What describes the extent to which time or effort is well used for the intended task or purpose?
(a) Proximity.
(b) Reliability.
(c) Intention.
(d) Efficiency.

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

Short Answer Questions

1. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?

2. What is the capital of the Republic of Cuba?

3. When did the Korean War begin?

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

5. What is an investment position intended to offset potential losses that may be incurred by a companion investment?

Short Essay Questions

1. What solution does the author consider for the problem with the black rhinoceros in Chapter 2?

2. How has the market economy contributed to a higher standard of living in America, according to the author in Chapter 1?

3. Who wrote the book's Foreword? What does this individual say regarding the perception of economics and economists?

4. How is branding described as an economic strategy in Chapter 5?

5. What is the basic set of rules put forth by the author for those looking to invest in Chapter 7? How are risk and reward described?

6. How is the black rhinoceros described in Chapter 2? What are the horns of the animal worth in Yemen, and why?

7. Discuss the importance of information in economics. How does the author address the issue of information in Chapter 4?

8. How does the author address the question of "getting rich quickly" in the market in Chapter 7?

9. How does the author describe Douglas Ivester's marketing tactic in Chapter 1?

10. What are the ramifications of decisions made in the world of finance and legislation, according to the author in the Introduction?

(see the answer keys)

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