|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through Forward - Chapter 3.
Multiple Choice Questions
1. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
2. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(b) Adverse selection.
(c) Per capita.
3. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?
4. 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) Adverse selection.
(b) Money market.
(c) Floating exchange rate.
(d) Supply and demand.
5. What country withdrew from OPEC in 2008 after it became a net importer of oil?
(d) The United States.
Short Answer Questions
1. What does OPEC stand for?
2. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?
3. 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?
4. According to the principles of a market economy, if it's raining, it's time to sell what?
5. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?
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