|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through Forward - Chapter 3.
Multiple Choice Questions
1. What rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who smells Detroit?"
(b) "Who sees London?"
(c) "Who feeds Paris?"
(d) "Who hears New York?"
2. OPEC is an intergovernmental organization of how many oil-producing countries?
3. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?
4. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.
(b) A Random Walk Down Wall Street.
(c) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.
(d) Extreme Money: Masters of the Universe and the Cult of Risk.
5. What contends that prices of publicly traded assets reflect all publicly available information?
(a) Supply and demand.
(b) The uniform pay scale.
(c) Adverse selection.
(d) The efficient market hypothesis.
Short Answer Questions
1. What are negative results which occur while trying to achieve a goal for the common good?
2. According to the principles of a market economy, if it's raining, it's time to sell what?
3. When did Ross Perot found Electronic Data Systems?
4. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
5. In economics, what is a good that is non-rival and non-excludable?
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