|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through Forward - Chapter 3.
Multiple Choice Questions
1. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?
2. What does OPEC stand for?
(a) Oval Palace Executive Class.
(b) Oil and Petroleum Exclusion Clause.
(c) Original Plan Excluding Copyright.
(d) Organization of Petroleum Exporting Countries.
3. What, according to the author, motivates talented teachers to leave to go onto other professions?
(b) Supply and demand.
(c) The uniform pay scale.
4. What country withdrew from OPEC in 2008 after it became a net importer of oil?
(b) The United States.
5. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?
(a) The Gaza War.
(b) The Jerusalem War.
(c) The Yom Kippur War.
(d) The Torah War.
Short Answer Questions
1. When did Ross Perot found Electronic Data Systems?
2. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
3. In economics, what is a good that is non-rival and non-excludable?
4. What refers to the increasingly global relationships of culture, people and economic activity?
5. Michael Jensen refers to company stock options as what in Chapter 2?
This section contains 223 words
(approx. 1 page at 300 words per page)