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

2. What refers to a market where prices are determined by supply and demand?
(a) Influx market.
(b) Random market.
(c) Free market.
(d) Controlled market.

3. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?
(a) Prohibitive.
(b) Lowered.
(c) Raised.
(d) Maintained.

4. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
(a) The government.
(b) Corporations.
(c) Nonprofit organizations.
(d) Religious institutions.

5. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Most wealthy.
(b) Least productive.
(c) Most productive.
(d) Least wealthy.

Short Answer Questions

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

2. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?

3. When was Douglas Ivester born?

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

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

(see the answer key)

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