Naked Economics: Undressing the Dismal Science Quiz | Eight Week Quiz B

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 refers to a market where prices are determined by supply and demand?
(a) Influx market.
(b) Controlled market.
(c) Free market.
(d) Random market.

2. What are negative results which occur while trying to achieve a goal for the common good?
(a) Perverse incentives.
(b) Unknown incentives.
(c) Ghost incentives.
(d) Abstract incentives.

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

4. 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?
(a) Punishment.
(b) Incentive.
(c) Barrier.
(d) Belief.

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

Short Answer Questions

1. In economics, what is a good that is non-rival and non-excludable?

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

3. Behavioral economics intertwine economics and what?

4. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?

5. Burton G. Malkiel is an American economist, most famous for what classic finance book?

(see the answer key)

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