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. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the eighth?
(a) Unemployment.
(b) Demographics.
(c) Poverty.
(d) Income inequality.

2. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?
(a) 14%.
(b) 29%.
(c) 44%.
(d) 62%.

3. What does GDP stand for?
(a) Gross Domestic Product.
(b) Gain and Drain Portfolio.
(c) Gems and Diamonds Per capita.
(d) Geographic Diversity Plot.

4. Mark Miringhoff is a social science professor at what institution?
(a) The University of Alaska.
(b) Fordham University.
(c) Harvard University.
(d) The University of Chicago.

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

Short Answer Questions

1. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?

2. In finance, what is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future delivery date?

3. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?

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

5. What is a collective investment scheme that aims to replicate the movements of an index of a specific financial market regardless of market conditions?

(see the answer key)

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