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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 CEO stand for?
(a) Cheap Everpresent Oil.
(b) Continental Energy Options.
(c) Chief Executive Officer.
(d) Civil Engineer's Office.

2. What, according to the author, motivates talented teachers to leave to go onto other professions?
(a) Legislation.
(b) Supply and demand.
(c) Capitalism.
(d) The uniform pay scale.

3. What country withdrew from OPEC in 2008 after it became a net importer of oil?
(a) The United States.
(b) Indonesia.
(c) Mexico.
(d) Egypt.

4. What are negative results which occur while trying to achieve a goal for the common good?
(a) Abstract incentives.
(b) Perverse incentives.
(c) Unknown incentives.
(d) Ghost incentives.

5. What describes the extent to which time or effort is well used for the intended task or purpose?
(a) Intention.
(b) Reliability.
(c) Proximity.
(d) Efficiency.

Short Answer Questions

1. 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?

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?

3. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?

4. Burton G. Malkiel is an American economist, most famous for what classic finance book?

5. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?

(see the answer key)

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