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 describes the extent to which time or effort is well used for the intended task or purpose?
(a) Efficiency.
(b) Reliability.
(c) Proximity.
(d) Intention.

2. According to the author in Chapter 1, companies want to profit, and consumers want what?
(a) Satisfaction.
(b) Safety.
(c) Education.
(d) Results.

3. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Per capita.
(b) Adverse selection.
(c) Legislation.
(d) Trade-off.

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) Barrier.
(b) Punishment.
(c) Belief.
(d) Incentive.

5. When did the Cuban Revolution begin?
(a) 1965.
(b) 1934.
(c) 1972.
(d) 1953.

Short Answer Questions

1. What, according to the author, motivates talented teachers to leave to go onto other professions?

2. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?

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

4. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?

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

(see the answer key)

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