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

Charles Wheelan
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This quiz consists of 5 multiple choice and 5 short answer questions through Chapters 4-7.

Multiple Choice Questions

1. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?
(a) Mathematics.
(b) Everyday life.
(c) Wall Street.
(d) Statistics.

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

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

4. According to the author, financial markets boil down to four basic simple needs. What is the first discussed in Chapter 7?
(a) Raising capital.
(b) Insuring against risk.
(c) Storing, protecting and making profitable use of excess capital.
(d) Speculation.

5. When was Burton G. Malkiel born?
(a) 1925.
(b) 1907.
(c) 1932.
(d) 1918.

Short Answer Questions

1. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?

2. 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?

3. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?

4. OPEC is an intergovernmental organization of how many oil-producing countries?

5. Gary Becker figured that the stock of skills, education, training and an individual's health constitutes about what percent of a modern economy's wealth?

(see the answer key)

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