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. Cuba remained a territory of Spain until the Spanish-American War ended in what year?
(a) 1913.
(b) 1862.
(c) 1841.
(d) 1898.

2. What country withdrew from OPEC in 2008 after it became a net importer of oil?
(a) The United States.
(b) Indonesia.
(c) Mexico.
(d) Egypt.

3. When did Ross Perot found Electronic Data Systems?
(a) 1955.
(b) 1977.
(c) 1971.
(d) 1962.

4. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?
(a) Integral financial system.
(b) Global financial system.
(c) Common financial system.
(d) Universal financial system.

5. 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 third?
(a) Income inequality.
(b) National savings.
(c) Unemployment.
(d) Current account surplus/deficit.

Short Answer Questions

1. 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?

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

3. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?

4. In what year did the French government try to address its unemployment rates with what the author calls the economic equivalent of fool's gold?

5. Where did Charles Wheelan earn a PhD in public policy?

(see the answer key)

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