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

Charles Wheelan
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This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 8-10.

Multiple Choice Questions

1. What does OPEC stand for?
(a) Organization of Petroleum Exporting Countries.
(b) Oval Palace Executive Class.
(c) Original Plan Excluding Copyright.
(d) Oil and Petroleum Exclusion Clause.

2. What is an assistance paid to a business or economic sector?
(a) Derivative.
(b) Subsidy.
(c) Interest.
(d) Collateral.

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

4. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?
(a) Global financial system.
(b) Integral financial system.
(c) Common financial system.
(d) Universal financial system.

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

Short Answer Questions

1. Gary Becker received the United States Presidential Medal of Freedom in what year?

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. Michael Jensen refers to company stock options as what in Chapter 2?

4. According to the author, there are two lessons to be learned from a monopoly situation. What is the first?

5. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?

(see the answer key)

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