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. 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) Interest.
(b) Deductible.
(c) Subsidy.
(d) Derivative.

2. In economics, what is a sustained, long-term downturn in economic activity in one or more economies?
(a) Recession.
(b) Business cycle.
(c) Depression.
(d) Trade-off.

3. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?
(a) The business cycle.
(b) Perverse incentives.
(c) Trade-off.
(d) Gresham's law.

4. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?
(a) An alkaloid.
(b) A poison.
(c) An aphrodesiac.
(d) An evil potion.

5. Who led the Cuban Revolution?
(a) Roberto Goizueta.
(b) Fulgencio Batista.
(c) Fidel Castro.
(d) Nicholas Sarkozy.

Short Answer Questions

1. When did the Cuban Revolution begin?

2. What is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation?

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

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 seventh?

5. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?

(see the answer key)

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