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

2. What refers to reasoning which constructs or evaluates deductive arguments?
(a) Deductive reasoning.
(b) Constructive reasoning.
(c) Decisive reasoning.
(d) Critical reasoning.

3. Who introduced the Hope credit?
(a) John F. Kennedy.
(b) Bill Clinton.
(c) Ronald Reagan.
(d) George W. Bush.

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

5. What is a term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?
(a) Asset allocation.
(b) Adverse selection.
(c) Pork barrel.
(d) Gresham's law.

Short Answer Questions

1. What is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities?

2. According to the principles of a market economy, if it's raining, it's time to sell what?

3. The Hope Scholarship program was shut down after how many years, according to the author?

4. When was Burton G. Malkiel born?

5. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?

(see the answer key)

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