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. When was the Federal Reserve Act enacted?
(a) 1892.
(b) 1812.
(c) 1776.
(d) 1913.

2. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the third?
(a) National savings.
(b) Unemployment.
(c) Current account surplus/deficit.
(d) Income inequality.

3. Gary Becker is a professor of economics, sociology at what institution?
(a) Harvard University.
(b) The University of Chicago.
(c) Fordham University.
(d) The University of Montana.

4. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?
(a) Research, invest, watch.
(b) Save, invest, and repeat.
(c) Research, fact check, invest.
(d) Invest, watch, sell.

5. What is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities?
(a) Asset allocation.
(b) Mutual fund.
(c) Index fund.
(d) Foreign Exchange Market.

Short Answer Questions

1. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?

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

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

4. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?

5. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?

(see the answer key)

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