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

2. Ross Perot ran for President of the United States in what year?
(a) 1992.
(b) 1988.
(c) 2000.
(d) 2002.

3. What represents the original capital paid into or invested in the business by its founders?
(a) Pork barrel.
(b) Collateral.
(c) Bond.
(d) Stock.

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

5. What is the capital of the Democratic People's Republic of Korea?
(a) Honk Kong.
(b) Beijing.
(c) Pyongyang.
(d) Osaka.

Short Answer 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?

2. When was Gary Becker born?

3. 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?

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

5. In economics, what is a good that is non-rival and non-excludable?

(see the answer key)

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