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 does CEO stand for?
(a) Continental Energy Options.
(b) Cheap Everpresent Oil.
(c) Civil Engineer's Office.
(d) Chief Executive Officer.

2. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?
(a) Raised.
(b) Lowered.
(c) Prohibitive.
(d) Maintained.

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

4. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Most wealthy.
(b) Least productive.
(c) Least wealthy.
(d) Most productive.

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

Short Answer Questions

1. What rhetorical question do economists ask, according to the author in Chapter 1?

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?

3. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?

4. In what political structure does the government set the price and decide what's on the shelves?

5. What describes the extent to which time or effort is well used for the intended task or purpose?

(see the answer key)

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