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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 refers to the increasingly global relationships of culture, people and economic activity?
(a) Globalization.
(b) Monopoly.
(c) Consolidation.
(d) Slavery.

2. According to the principles of a market economy, if it's raining, it's time to sell what?
(a) Umbrellas.
(b) Boats.
(c) Houses.
(d) Loans.

3. 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?
(a) $6,000.
(b) $1,000.
(c) $2,500.
(d) $8,700.

4. 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?
(a) Deductive equation.
(b) Depression equation.
(c) Differential equation.
(d) Derivative equation.

5. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Most productive.
(b) Least wealthy.
(c) Least productive.
(d) Most wealthy.

Short Answer Questions

1. In economics, what is a good that is non-rival and non-excludable?

2. What refers to a market where prices are determined by supply and demand?

3. Michael Jensen refers to company stock options as what in Chapter 2?

4. When was Burton G. Malkiel born?

5. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?

(see the answer key)

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