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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
2. What country withdrew from OPEC in 2008 after it became a net importer of oil?
(d) The United States.
3. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?
(a) Futures contract.
(b) Differential equation.
(c) Index fund.
(d) Human capital.
4. 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?
5. Human capital is extremely important in economics because it is also tied together with what?
Short Answer 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. When was the Hope credit established?
3. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?
4. When did the Cuban Revolution begin?
5. What is a term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?
Short Essay Questions
1. What are the ramifications of decisions made in the world of finance and legislation, according to the author in the Introduction?
2. What lessons can be learned from a monopoly situation according to the author in Chapter 4?
3. How does the health of the economy affect income inequality, according to the author in Chapter 6?
4. How do the resources of a country reflect its economic well-being, according to the author in Chapter 6?
5. How is branding described as an economic strategy in Chapter 5?
6. How has the market economy contributed to a higher standard of living in America, according to the author in Chapter 1?
7. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?
8. How does the author of the Foreword describe Charles Wheelan's approach to explaining economics in "Naked Economics: Undressing the Dismal Science"?
9. What example does the author give for the negative effect of incentives in Chapter 2?
10. What is the basic set of rules put forth by the author for those looking to invest in Chapter 7? How are risk and reward described?
This section contains 911 words
(approx. 4 pages at 300 words per page)