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

Charles Wheelan
This set of Lesson Plans consists of approximately 139 pages of tests, essay questions, lessons, and other teaching materials.
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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) Original Plan Excluding Copyright.
(d) Oval Palace Executive Class.

2. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?
(a) Derivative.
(b) Deductible.
(c) Interest.
(d) Subsidy.

3. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
(a) Capitalism.
(b) The Juche Idea.
(c) The Communist Manifesto.
(d) Marxism.

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

5. What are negative results which occur while trying to achieve a goal for the common good?
(a) Unknown incentives.
(b) Ghost incentives.
(c) Abstract incentives.
(d) Perverse incentives.

Short Answer Questions

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

2. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?

3. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?

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

5. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?

(see the answer key)

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