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

Charles Wheelan
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This quiz consists of 5 multiple choice and 5 short answer questions through Forward - Chapter 3.

Multiple Choice Questions

1. In economics, what is a good that is non-rival and non-excludable?
(a) A public good.
(b) A corporate good.
(c) A private good.
(d) A government good.

2. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?
(a) Differential equation.
(b) Derivative equation.
(c) Depression equation.
(d) Deductive equation.

3. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?
(a) Analyzing risk.
(b) Using their own money.
(c) Paying out interest.
(d) Keeping enough money on hand.

4. What contends that prices of publicly traded assets reflect all publicly available information?
(a) The uniform pay scale.
(b) Supply and demand.
(c) The efficient market hypothesis.
(d) Adverse selection.

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

Short Answer Questions

1. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?

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

3. What refers to reasoning which constructs or evaluates deductive arguments?

4. Behavioral economics intertwine economics and what?

5. What refers to a market where prices are determined by supply and demand?

(see the answer key)

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