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

Charles Wheelan
This set of Lesson Plans consists of approximately 139 pages of tests, essay questions, lessons, and other teaching materials.
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This quiz consists of 5 multiple choice and 5 short answer questions through Chapters 4-7.

Multiple Choice Questions

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

2. In what political structure does the government set the price and decide what's on the shelves?
(a) Communism.
(b) Marxism.
(c) Utopianism.
(d) Capitalism.

3. 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) 1988.
(c) 1993.
(d) 1997.

4. What is the fourth simple need of financial markets, as discussed in Chapter 7?
(a) Raising capital.
(b) Speculation.
(c) Insuring against risk.
(d) Storing, protecting and making profitable use of excess capital.

5. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
(a) Marxism.
(b) Capitalism.
(c) The Juche Idea.
(d) The Communist Manifesto.

Short Answer 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?

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

3. What is generally a fungible, negotiable financial instrument representing financial value?

4. In finance, what is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price?

5. 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?

(see the answer key)

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