|Name: _________________________||Period: ___________________|
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) Adverse selection.
(b) Supply and demand.
(c) Floating exchange rate.
(d) Money market.
2. 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.
3. What describes the extent to which time or effort is well used for the intended task or purpose?
4. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Least wealthy.
(b) Most wealthy.
(c) Most productive.
(d) Least productive.
5. OPEC is an intergovernmental organization of how many oil-producing countries?
Short Answer Questions
1. 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?
2. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
3. What refers to a market where prices are determined by supply and demand?
4. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?
5. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?
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