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This quiz consists of 5 multiple choice and 5 short answer questions through Forward - Chapter 3.

Multiple Choice Questions

1. 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) Supply and demand.
(b) Adverse selection.
(c) Floating exchange rate.
(d) Money market.

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

3. Douglas Ivester's goal was achieving what when he told his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) Freedom for the German people.
(b) Brand recognition.
(c) World domination.
(d) Reinstitution of Communism.

4. When was Douglas Ivester born?
(a) 1947.
(b) 1958.
(c) 1939.
(d) 1922.

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) Maintained.
(b) Prohibitive.
(c) Lowered.
(d) Raised.

Short Answer Questions

1. When did Ross Perot found Electronic Data Systems?

2. OPEC has maintained its headquarters where since 1965?

3. In what year did Douglas Ivester tell his sales team to pass free Coca-Cola around as the Berlin Wall toppled?

4. What refers to reasoning which constructs or evaluates deductive arguments?

5. What refers to the increasingly global relationships of culture, people and economic activity?

(see the answer key)

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