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

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. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Least productive.
(b) Most productive.
(c) Least wealthy.
(d) Most wealthy.

2. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) Extreme Money: Masters of the Universe and the Cult of Risk.
(b) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.
(c) A Random Walk Down Wall Street.
(d) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.

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

4. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?
(a) Inflation.
(b) Collateral.
(c) Deductible.
(d) Subsidy.

5. When did the Korean War begin?
(a) 1931.
(b) 1950.
(c) 1959.
(d) 1948.

Short Answer Questions

1. 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?

2. What are negative results which occur while trying to achieve a goal for the common good?

3. According to the author, financial markets boil down to four basic simple needs. What is the first discussed in Chapter 7?

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

5. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?

(see the answer key)

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