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

Multiple Choice Questions

1. What does OPEC stand for?
(a) Organization of Petroleum Exporting Countries.
(b) Original Plan Excluding Copyright.
(c) Oil and Petroleum Exclusion Clause.
(d) Oval Palace Executive Class.

2. OPEC is an intergovernmental organization of how many oil-producing countries?
(a) 12.
(b) 8.
(c) 23.
(d) 5.

3. What refers to reasoning which constructs or evaluates deductive arguments?
(a) Critical reasoning.
(b) Deductive reasoning.
(c) Constructive reasoning.
(d) Decisive reasoning.

4. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Least productive.
(b) Least wealthy.
(c) Most productive.
(d) Most wealthy.

5. Michael Jensen refers to company stock options as what in Chapter 2?
(a) "Managerial heroin."
(b) "A trough of money."
(c) "Cocaine for businessmen."
(d) "Wall Streets marijuana."

Short Answer Questions

1. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?

2. What rhetorical question do economists ask, according to the author in Chapter 1?

3. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?

4. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?

5. When was Burton G. Malkiel born?

(see the answer key)

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