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

Charles Wheelan
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This quiz consists of 5 multiple choice and 5 short answer questions through For Chapters 11-Epilogue.

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 seventh?
(a) National savings.
(b) Demographics.
(c) Current account surplus/deficit.
(d) Total national happiness.

2. In economics, what is a rise in the general level of prices of goods and services in an economy over a period of time?
(a) Inflation.
(b) Recession.
(c) Productivity.
(d) Interest.

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

4. When did the Great Depression begin in the United States?
(a) 1929.
(b) 1918.
(c) 1886.
(d) 1905.

5. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?
(a) 5.
(b) 2.
(c) 10.
(d) 14.

Short Answer Questions

1. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?

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

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

4. 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 first?

5. In economics, what is a good that is non-rival and non-excludable?

(see the answer key)

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