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. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?
(a) Money market.
(b) Capitalism.
(c) Asset allocation.
(d) Communism.

2. Mark Miringhoff is a social science professor at what institution?
(a) The University of Chicago.
(b) The University of Alaska.
(c) Harvard University.
(d) Fordham University.

3. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?
(a) Spreading diseases.
(b) Losing their medical license.
(c) Getting sued.
(d) Unnecessary fatalities.

4. 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 fourth?
(a) Unemployment.
(b) Size of the government.
(c) National savings.
(d) Income inequality.

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

Short Answer Questions

1. 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?

2. When did the Great Depression begin in the United States?

3. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?

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

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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