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. What country withdrew from OPEC in 2008 after it became a net importer of oil?
(a) Indonesia.
(b) Egypt.
(c) The United States.
(d) Mexico.

2. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?
(a) $30,000.
(b) $120,000.
(c) $15,000.
(d) $50,000.

3. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
(a) Religious institutions.
(b) Corporations.
(c) The government.
(d) Nonprofit organizations.

4. 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) Derivative equation.
(b) Deductive equation.
(c) Depression equation.
(d) Differential equation.

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

Short Answer Questions

1. 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?

2. 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?

3. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?

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

5. In what year did Douglas Ivester tell his sales team to pass free Coca-Cola around as the Berlin Wall toppled?

(see the answer key)

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