|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through Forward - Chapter 3.
Multiple Choice Questions
1. In what political structure does the government set the price and decide what's on the shelves?
2. What describes the extent to which time or effort is well used for the intended task or purpose?
3. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Most productive.
(b) Least productive.
(c) Least wealthy.
(d) Most wealthy.
4. In what year did the French government try to address its unemployment rates with what the author calls the economic equivalent of fool's gold?
5. 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) Floating exchange rate.
(c) Supply and demand.
(d) Money market.
Short Answer Questions
1. What, according to the author, motivates talented teachers to leave to go onto other professions?
2. 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?
3. What rhetorical question do economists ask, according to the author in Chapter 1?
4. When was Douglas Ivester born?
5. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
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