Naked Economics: Undressing the Dismal Science Test | Mid-Book Test - Easy

Charles Wheelan
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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

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

2. When did the Korean War end?
(a) 1970.
(b) 1966.
(c) 1962.
(d) 1953.

3. What term was first used in the early 1990s to denote an organization's reputation as an employer?
(a) Futures contract.
(b) Trade-off.
(c) Employer branding.
(d) The Juche Idea.

4. What represents the original capital paid into or invested in the business by its founders?
(a) Bond.
(b) Stock.
(c) Collateral.
(d) Pork barrel.

5. In what year did Douglas Ivester tell his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) 1969.
(b) 1989.
(c) 1982.
(d) 1977.

6. 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?
(a) 2000.
(b) 1997.
(c) 1993.
(d) 1988.

7. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.
(b) A Random Walk Down Wall Street.
(c) Extreme Money: Masters of the Universe and the Cult of Risk.
(d) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.

8. Michael Jensen is a professor at what university's business school?
(a) The University of Chicago.
(b) Yale University.
(c) Fordham University.
(d) Harvard University.

9. What rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who smells Detroit?"
(b) "Who feeds Paris?"
(c) "Who sees London?"
(d) "Who hears New York?"

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

11. Gary Becker figured that the stock of skills, education, training and an individual's health constitutes about what percent of a modern economy's wealth?
(a) 75.
(b) 60.
(c) 42.
(d) 35.

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

13. When was the Hope credit established?
(a) 1992.
(b) 1985.
(c) 1999.
(d) 1974.

14. When was Burton G. Malkiel born?
(a) 1918.
(b) 1907.
(c) 1925.
(d) 1932.

15. When did the Cuban Revolution begin?
(a) 1953.
(b) 1934.
(c) 1972.
(d) 1965.

Short Answer Questions

1. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?

2. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?

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?

4. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?

5. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?

(see the answer keys)

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