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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. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?
(a) 29%.
(b) 44%.
(c) 14%.
(d) 62%.

2. What is generally a fungible, negotiable financial instrument representing financial value?
(a) Option.
(b) Index fund.
(c) Portfolio.
(d) Security.

3. What refers to economy-wide fluctuations in production or economic activity over several months or years?
(a) Depression.
(b) Trade-off.
(c) Business cycle.
(d) Recession.

4. What does HDI stand for?
(a) Habitat Degradation Index.
(b) Human Development Index.
(c) Hereditary Disease Index.
(d) Hunger Depletion Index.

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

Short Answer Questions

1. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?

2. When was Gary Becker born?

3. Gary Becker received the United States Presidential Medal of Freedom in what year?

4. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?

5. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?

(see the answer key)

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