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

Charles Wheelan
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This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 11-Epilogue.

Multiple Choice Questions

1. What does ERM stand for?
(a) Environmental Rarity Market.
(b) Education Resource Mechanism.
(c) European Exchange Rate Mechanism.
(d) Electronic Remanufacturing Market.

2. When did the California Gold Rush begin?
(a) 1969.
(b) 1862.
(c) 1912.
(d) 1849.

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

4. What describes the extent to which time or effort is well used for the intended task or purpose?
(a) Proximity.
(b) Intention.
(c) Reliability.
(d) Efficiency.

5. 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) Money market.
(b) Floating exchange rate.
(c) Adverse selection.
(d) Supply and demand.

Short Answer Questions

1. In finance, what is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price?

2. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?

3. What does OPEC stand for?

4. The delegates at the United Nations Monetary and Financial Conference created the World Bank, which is owned by how many member countries?

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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