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) Adverse selection.
(b) Pork barrel.
(c) Gresham's law.
(d) Asset allocation.

2. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?
(a) $0.60.
(b) $0.25.
(c) $0.75.
(d) $0.50.

3. 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?
(a) Futures contract.
(b) Money market.
(c) Adverse selection.
(d) Asset allocation.

4. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
(a) Religious institutions.
(b) The government.
(c) Nonprofit organizations.
(d) Corporations.

5. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?
(a) Gresham's law.
(b) Trade-off.
(c) Hedge.
(d) Legislation.

Short Answer Questions

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

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

3. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?

4. What is the third simple need of financial markets, as discussed in Chapter 7?

5. Behavioral economics intertwine economics and what?

(see the answer key)

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