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. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
(a) Corporations.
(b) Nonprofit organizations.
(c) The government.
(d) Religious institutions.

2. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?
(a) Subsidy.
(b) Derivative.
(c) Deductible.
(d) Interest.

3. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?
(a) National savings.
(b) Current account surplus/deficit.
(c) Income inequality.
(d) Total national happiness.

4. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
(a) Capitalism.
(b) The Juche Idea.
(c) The Communist Manifesto.
(d) Marxism.

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

Short Answer Questions

1. What is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual?

2. Of the top 25 polluted cities in the world, how many are in China according to the author?

3. What is the fourth simple need of financial markets, as discussed in Chapter 7?

4. 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?

5. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?

(see the answer key)

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