View a FREE sample

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

Multiple Choice Questions

1. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?
(a) Wall Street.
(b) Mathematics.
(c) Statistics.
(d) Everyday life.

2. 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?
(a) New York.
(b) Pyongyang.
(c) Mexico City.
(d) London.

3. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?
(a) The Gaza War.
(b) The Yom Kippur War.
(c) The Jerusalem War.
(d) The Torah War.

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

5. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?
(a) Index.
(b) Recession.
(c) Security.
(d) Predictability.

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

3. When was Douglas Ivester born?

4. Michael Jensen refers to company stock options as what in Chapter 2?

5. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?

(see the answer key)

This section contains 282 words (approx. 1 page at 300 words per page) View a FREE sample