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

2. 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?
(a) Supply and demand.
(b) Floating exchange rate.
(c) Adverse selection.
(d) Money market.

3. 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?
(a) Belief.
(b) Incentive.
(c) Punishment.
(d) Barrier.

4. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
(a) Daggers.
(b) Necklaces.
(c) Funnels.
(d) Paperweights.

5. According to the principles of a market economy, if it's raining, it's time to sell what?
(a) Houses.
(b) Loans.
(c) Umbrellas.
(d) Boats.

Short Answer Questions

1. When was Burton G. Malkiel born?

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

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

4. What refers to the increasingly global relationships of culture, people and economic activity?

5. OPEC is an intergovernmental organization of how many oil-producing countries?

(see the answer key)

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