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

2. What rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who feeds Paris?"
(b) "Who smells Detroit?"
(c) "Who sees London?"
(d) "Who hears New York?"

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?
(a) Capitalism.
(b) Money market.
(c) Asset allocation.
(d) 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) 1997.
(c) 1993.
(d) 1988.

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

Short Answer Questions

1. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?

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

3. Michael Jensen refers to company stock options as what in Chapter 2?

4. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?

5. 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?

(see the answer key)

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