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This quiz consists of 5 multiple choice and 5 short answer questions through Chapters 4-7.

Multiple Choice Questions

1. 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) Barrier.
(b) Punishment.
(c) Incentive.
(d) Belief.

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

3. 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) Mexico City.
(b) London.
(c) Pyongyang.
(d) New York.

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

5. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?
(a) Getting sued.
(b) Losing their medical license.
(c) Unnecessary fatalities.
(d) Spreading diseases.

Short Answer Questions

1. What is generally a fungible, negotiable financial instrument representing financial value?

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

3. Human capital is extremely important in economics because it is also tied together with what?

4. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?

5. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?

(see the answer key)

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