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This quiz consists of 5 multiple choice and 5 short answer questions through Forward - Chapter 3.

Multiple Choice Questions

1. When was Burton G. Malkiel born?
(a) 1932.
(b) 1925.
(c) 1918.
(d) 1907.

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?
(a) Ecotourism.
(b) Nativetourism.
(c) Geotourism.
(d) Hippytourism.

3. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Adverse selection.
(b) Trade-off.
(c) Per capita.
(d) Legislation.

4. In economics and sociology, what refers to any factor that enables or motivates a particular course of action or counts as a reason for preferring one choice to the alternatives?
(a) Belief.
(b) Punishment.
(c) Barrier.
(d) Incentive.

5. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
(a) Necklaces.
(b) Paperweights.
(c) Funnels.
(d) Daggers.

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. According to the author in Chapter 1, companies want to profit, and consumers want what?

3. 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?

4. 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?

5. OPEC is an intergovernmental organization of how many oil-producing countries?

(see the answer key)

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