Naked Economics: Undressing the Dismal Science Quiz | One Week Quiz A

Charles Wheelan
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This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 8-10.

Multiple Choice Questions

1. What is a term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?
(a) Pork barrel.
(b) Asset allocation.
(c) Gresham's law.
(d) Adverse selection.

2. What represents the original capital paid into or invested in the business by its founders?
(a) Stock.
(b) Collateral.
(c) Bond.
(d) Pork barrel.

3. What is the third simple need of financial markets, as discussed in Chapter 7?
(a) Insuring against risk.
(b) Speculation.
(c) Storing, protecting and making profitable use of excess capital.
(d) Raising capital.

4. According to the author in Chapter 1, companies want to profit, and consumers want what?
(a) Satisfaction.
(b) Results.
(c) Safety.
(d) Education.

5. What is the capital of the Democratic People's Republic of Korea?
(a) Honk Kong.
(b) Pyongyang.
(c) Osaka.
(d) Beijing.

Short Answer Questions

1. What, according to the author, motivates talented teachers to leave to go onto other professions?

2. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?

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

4. Cuba remained a territory of Spain until the Spanish-American War ended in what year?

5. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?

(see the answer key)

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