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. When was the Federal Reserve Act enacted?
(a) 1812.
(b) 1913.
(c) 1892.
(d) 1776.

2. What does ERM stand for?
(a) European Exchange Rate Mechanism.
(b) Electronic Remanufacturing Market.
(c) Environmental Rarity Market.
(d) Education Resource Mechanism.

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

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

5. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Adverse selection.
(b) Legislation.
(c) Trade-off.
(d) Per capita.

Short Answer Questions

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

2. 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?

3. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?

4. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?

5. OPEC is an intergovernmental organization of how many oil-producing countries?

(see the answer key)

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