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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 rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who smells Detroit?"
(b) "Who feeds Paris?"
(c) "Who sees London?"
(d) "Who hears New York?"

2. What refers to the increasingly global relationships of culture, people and economic activity?
(a) Globalization.
(b) Monopoly.
(c) Consolidation.
(d) Slavery.

3. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?
(a) $50,000.
(b) $120,000.
(c) $30,000.
(d) $15,000.

4. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?
(a) Using their own money.
(b) Keeping enough money on hand.
(c) Paying out interest.
(d) Analyzing risk.

5. When did Ross Perot found Electronic Data Systems?
(a) 1955.
(b) 1977.
(c) 1962.
(d) 1971.

Short Answer Questions

1. What contends that prices of publicly traded assets reflect all publicly available information?

2. What, according to the author, motivates talented teachers to leave to go onto other professions?

3. What refers to reasoning which constructs or evaluates deductive arguments?

4. According to the principles of a market economy, if it's raining, it's time to sell what?

5. What are negative results which occur while trying to achieve a goal for the common good?

(see the answer key)

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