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

Charles Wheelan
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This quiz consists of 5 multiple choice and 5 short answer questions through Chapters 4-7.

Multiple Choice Questions

1. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?
(a) Raised.
(b) Prohibitive.
(c) Lowered.
(d) Maintained.

2. What is the third simple need of financial markets, as discussed in Chapter 7?
(a) Speculation.
(b) Insuring against risk.
(c) Raising capital.
(d) Storing, protecting and making profitable use of excess capital.

3. Gary Becker received the United States Presidential Medal of Freedom in what year?
(a) 2007.
(b) 1998.
(c) 2004.
(d) 1995.

4. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?
(a) Derivative.
(b) Exchange rate.
(c) Legislation.
(d) Futures contract.

5. In economics and sociology, what refers to any factor that enables or motivates a particular course of action or counts as a reason for preferring one choice to the alternatives?
(a) Barrier.
(b) Belief.
(c) Punishment.
(d) Incentive.

Short Answer Questions

1. According to the author, there are two lessons to be learned from a monopoly situation. What is the first?

2. What, according to the author, motivates talented teachers to leave to go onto other professions?

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

4. Who introduced the Hope credit?

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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