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. North Korea is a single-party state under a united front led by what party?
(a) The Communist Party.
(b) The Democratic Party.
(c) The Korean Workers' Party.
(d) The Korean Entitlement Party.

2. According to the author, financial markets boil down to four basic simple needs. What is the first discussed in Chapter 7?
(a) Storing, protecting and making profitable use of excess capital.
(b) Raising capital.
(c) Speculation.
(d) Insuring against risk.

3. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) A Random Walk Down Wall Street.
(b) Extreme Money: Masters of the Universe and the Cult of Risk.
(c) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.
(d) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.

4. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
(a) 1992.
(b) 2003.
(c) 1988.
(d) 1997.

5. 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?
(a) Gresham's law.
(b) Adverse selection.
(c) Asset allocation.
(d) Pork barrel.

Short Answer Questions

1. What is the capital of the Democratic People's Republic of Korea?

2. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?

3. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?

4. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?

5. Michael Jensen is a professor at what university's business school?

(see the answer key)

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