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 is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Adverse selection.
(b) Per capita.
(c) Legislation.
(d) Trade-off.

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

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

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

5. Michael Jensen is a professor at what university's business school?
(a) Harvard University.
(b) Fordham University.
(c) The University of Chicago.
(d) Yale University.

Short Answer Questions

1. According to the principles of a market economy, if it's raining, it's time to sell what?

2. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?

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

4. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?

5. When did Ross Perot found Electronic Data Systems?

(see the answer key)

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