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This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 8-10.

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 eighth?
(a) Income inequality.
(b) Unemployment.
(c) Demographics.
(d) Poverty.

2. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?
(a) Governments should maintain the financial infrastructure more.
(b) Government shouldn't provide any service that could be covered by the private sector.
(c) Governments should provide more services.
(d) Government shouldn't actually do the work of maintaining infrastructure.

3. What, according to the author, motivates talented teachers to leave to go onto other professions?
(a) Legislation.
(b) Supply and demand.
(c) The uniform pay scale.
(d) Capitalism.

4. Douglas Ivester was appointed as Chairman and Chief Executive Officer of Coca-Cola Company after whose death?
(a) Mark Miringhoff.
(b) Ronald Coase.
(c) George Stigler.
(d) Roberto Goizueta.

5. 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) Gresham's law.
(b) Asset allocation.
(c) Pork barrel.
(d) Adverse selection.

Short Answer Questions

1. What does HDI stand for?

2. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?

3. In what political structure does the government set the price and decide what's on the shelves?

4. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?

5. What is a collective investment scheme that aims to replicate the movements of an index of a specific financial market regardless of market conditions?

(see the answer key)

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