|Name: _________________________||Period: ___________________|
This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?
(a) Everyday life.
(d) Wall Street.
2. What refers to reasoning which constructs or evaluates deductive arguments?
(a) Critical reasoning.
(b) Deductive reasoning.
(c) Constructive reasoning.
(d) Decisive reasoning.
3. What does OPEC stand for?
(a) Original Plan Excluding Copyright.
(b) Organization of Petroleum Exporting Countries.
(c) Oval Palace Executive Class.
(d) Oil and Petroleum Exclusion Clause.
4. What describes the extent to which time or effort is well used for the intended task or purpose?
5. When did Ross Perot found Electronic Data Systems?
Short Answer Questions
1. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?
2. 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?
3. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?
4. What refers to a market where prices are determined by supply and demand?
5. What refers to the increasingly global relationships of culture, people and economic activity?
Short Essay Questions
1. How does the author describe the concept of maximizing profits in Chapter 1? What examples does he give?
2. What human fallacies does the author address in the beginning of Chapter 7?
3. How is branding described as an economic strategy in Chapter 5?
4. How does the author describe the tactics used by OPEC in Chapter 1?
5. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?
6. How has the market economy contributed to a higher standard of living in America, according to the author in Chapter 1?
7. What investment tactic is recommended for the average investor without much expertise in the market in Chapter 7?
8. What stereotypical scene does the author depict of an economics student in the Introduction?
9. How is information a problem in the healthcare and insurance industries, as discussed in Chapter 5?
10. What examples does the author give for the uninformed relaying false information in the Introduction?
This section contains 897 words
(approx. 3 pages at 300 words per page)