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. 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.

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 first?
(a) National savings.
(b) Unemployment.
(c) Poverty.
(d) Total national happiness.

3. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?
(a) Hedge.
(b) Subsidy.
(c) Collateral.
(d) Interest.

4. What is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically?
(a) Exchange rate.
(b) Protectionism.
(c) Capitalism.
(d) The Juche Idea.

5. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?
(a) Legislation.
(b) Exchange rate.
(c) Derivative.
(d) Futures contract.

Short Answer Questions

1. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?

2. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?

3. Behavioral economics intertwine economics and what?

4. When did the Cuban Revolution end?

5. What is the fourth simple need of financial markets, as discussed in Chapter 7?

(see the answer key)

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