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

Multiple Choice Questions

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

2. What contends that prices of publicly traded assets reflect all publicly available information?
(a) Supply and demand.
(b) Adverse selection.
(c) The uniform pay scale.
(d) The efficient market hypothesis.

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

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

5. According to the author in Chapter 1, companies want to profit, and consumers want what?
(a) Safety.
(b) Results.
(c) Satisfaction.
(d) Education.

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. 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?

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

4. In what political structure does the government set the price and decide what's on the shelves?

5. In economics, what is a good that is non-rival and non-excludable?

(see the answer key)

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