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.

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.
Buy the Naked Economics: Undressing the Dismal Science Lesson Plans
Name: _________________________ Period: ___________________

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

Multiple Choice Questions

1. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?
(a) $2,500.
(b) $8,700.
(c) $6,000.
(d) $1,000.

2. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?
(a) Supply and demand.
(b) Money market.
(c) Floating exchange rate.
(d) Adverse selection.

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

4. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?
(a) Futures contract.
(b) Money market.
(c) Asset allocation.
(d) Adverse selection.

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

Short Answer Questions

1. What are negative results which occur while trying to achieve a goal for the common good?

2. In Chapter 6, the author discusses poverty and income equality, using the example of what billionaire?

3. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?

4. Human capital is extremely important in economics because it is also tied together with what?

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?

(see the answer key)

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