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

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. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?
(a) 1875.
(b) 1848.
(c) 1822.
(d) 1883.

2. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?
(a) Government shouldn't provide any service that could be covered by the private sector.
(b) Government shouldn't actually do the work of maintaining infrastructure.
(c) Governments should maintain the financial infrastructure more.
(d) Governments should provide more services.

3. 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?
(a) Asset allocation.
(b) Communism.
(c) Money market.
(d) Capitalism.

4. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
(a) Productivity.
(b) The divide between the rich and the poor.
(c) Maximizing utility.
(d) The market.

5. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?
(a) Canada.
(b) Japan.
(c) Spain.
(d) India.

Short Answer Questions

1. 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?

2. In economics, what refers to a general slowdown in economic activity?

3. In finance, what between two currencies is the rate at which one currency will be exchanged for another?

4. What is an economic principle that states "Bad money drives out good"?

5. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?

(see the answer key)

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