MULTIPLE
CHOICE: SELECT THE CORRECT ALTERNATIVE:
1. OPEC
A) is a cartel of oil consuming nations.
B) is a cartel of producing countries that
are all in the Middle East.
C) is a cartel of producing countries, with
most, but not all members in the Middle East.
D) is the largest oil company in the world.
2.
Residential electricity is typically sold in markets governed by
A) regulated perfect competitors.
B) unregulated perfect competitors.
C) regulated monopolists.
D) unregulated
monopolists.
3. When
people are influenced by a tax or regulation to do something they might not
otherwise do then economists call this
A) an incentive.
B) an arbitrary observation.
C) an
unintended consequence.
D) a lost opportunity.
4. The fact that production cannot exceed what
is possible given available resources indicates that there is
A) scarcity.
B) the fallacy of composition at play.
C)
the fallacy that correlation and causation are the same at play.
D)
the fallacy of the round at play.
Send your
answers into profKMody@gmail.com by Thursday 28 February 2013.
