Naked Economics: Undressing the Dismal Science Quiz | Two 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. OPEC has maintained its headquarters where since 1965?
(a) Havana.
(b) Toronto.
(c) Vienna.
(d) Sydney.

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 seventh?
(a) Total national happiness.
(b) Current account surplus/deficit.
(c) National savings.
(d) Demographics.

3. What refers to a market where prices are determined by supply and demand?
(a) Free market.
(b) Influx market.
(c) Random market.
(d) Controlled market.

4. India has a very low GDP per capita, and it also has over how many cases of leprosy according to the author in Chapter 9?
(a) 35,000.
(b) 100,000.
(c) 70,000.
(d) 50,000.

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

Short Answer 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?

2. According to the author, financial markets boil down to four basic simple needs. What is the second discussed in Chapter 7?

3. What refers to economy-wide fluctuations in production or economic activity over several months or years?

4. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?

5. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?

(see the answer key)

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