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

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

3. What, according to the author, motivates talented teachers to leave to go onto other professions?
(a) Capitalism.
(b) The uniform pay scale.
(c) Supply and demand.
(d) Legislation.

4. When was Douglas Ivester born?
(a) 1947.
(b) 1922.
(c) 1958.
(d) 1939.

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

Short Answer Questions

1. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?

2. 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?

3. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?

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

5. When did Ross Perot found Electronic Data Systems?

(see the answer key)

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