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

Charles Wheelan
This set of Lesson Plans consists of approximately 139 pages of tests, essay questions, lessons, and other teaching materials.
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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. 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 eighth?
(a) Unemployment.
(b) Demographics.
(c) Poverty.
(d) Income inequality.

2. What does OPEC stand for?
(a) Organization of Petroleum Exporting Countries.
(b) Original Plan Excluding Copyright.
(c) Oil and Petroleum Exclusion Clause.
(d) Oval Palace Executive Class.

3. Douglas Ivester's goal was achieving what when he told his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) World domination.
(b) Brand recognition.
(c) Reinstitution of Communism.
(d) Freedom for the German people.

4. What is an investment position intended to offset potential losses that may be incurred by a companion investment?
(a) Hedge.
(b) Deductible.
(c) Futures contract.
(d) Bond.

5. 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 first?
(a) Total national happiness.
(b) National savings.
(c) Poverty.
(d) Unemployment.

Short Answer Questions

1. 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?

2. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?

3. When was the Federal Reserve Act enacted?

4. Ross Perot ran for President of the United States in what year?

5. According to the author in Chapter 1, companies want to profit, and consumers want what?

(see the answer key)

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