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. According to the principles of a market economy, if it's raining, it's time to sell what?
(a) Boats.
(b) Houses.
(c) Loans.
(d) Umbrellas.

2. Michael Jensen refers to company stock options as what in Chapter 2?
(a) "Cocaine for businessmen."
(b) "A trough of money."
(c) "Managerial heroin."
(d) "Wall Streets marijuana."

3. Douglas Ivester's goal was achieving what when he told his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) World domination.
(b) Brand recognition.
(c) Freedom for the German people.
(d) Reinstitution of Communism.

4. In what year did the French government try to address its unemployment rates with what the author calls the economic equivalent of fool's gold?
(a) 2000.
(b) 1993.
(c) 1988.
(d) 1997.

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

Short Answer Questions

1. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?

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

3. 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?

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

5. Douglas Ivester was appointed as Chairman and Chief Executive Officer of Coca-Cola Company after whose death?

(see the answer key)

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