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, according to the author, motivates talented teachers to leave to go onto other professions?
(a) The uniform pay scale.
(b) Supply and demand.
(c) Capitalism.
(d) Legislation.

2. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?
(a) Inflation.
(b) Interest.
(c) Collateral.
(d) Deflation.

3. In finance, what is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future delivery date?
(a) Futures contract.
(b) Business cycle.
(c) Supply and demand.
(d) Asset allocation.

4. According to the author, the Hope Scholarships were a plan wherein students could borrow money for college and pay back their loans after they graduated using what?
(a) Regular debit payments.
(b) Government bonds.
(c) Interest free payments.
(d) A percentage of their annual income.

5. In many countries, the negative effects of the Great Depression lasted until the start of what?
(a) The Korean War.
(b) World War II.
(c) World War I.
(d) Vietnam.

Short Answer Questions

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

2. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?

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

4. What describes the extent to which time or effort is well used for the intended task or purpose?

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

(see the answer key)

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