|Name: _________________________||Period: ___________________|
This quiz consists of 5 multiple choice and 5 short answer questions through Forward - Chapter 3.
Multiple Choice Questions
1. What country withdrew from OPEC in 2008 after it became a net importer of oil?
(d) The United States.
2. What are negative results which occur while trying to achieve a goal for the common good?
(a) Perverse incentives.
(b) Ghost incentives.
(c) Unknown incentives.
(d) Abstract incentives.
3. 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.
4. When was Burton G. Malkiel born?
5. What describes the extent to which time or effort is well used for the intended task or purpose?
Short Answer Questions
1. Ross Perot ran for President of the United States in what year?
2. What contends that prices of publicly traded assets reflect all publicly available information?
3. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?
4. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?
5. OPEC is an intergovernmental organization of how many oil-producing countries?
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