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

2. What contends that prices of publicly traded assets reflect all publicly available information?
(a) The uniform pay scale.
(b) The efficient market hypothesis.
(c) Adverse selection.
(d) Supply and demand.

3. In economics and sociology, what refers to any factor that enables or motivates a particular course of action or counts as a reason for preferring one choice to the alternatives?
(a) Barrier.
(b) Belief.
(c) Punishment.
(d) Incentive.

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?
(a) Collateral.
(b) Subsidy.
(c) Deductible.
(d) Inflation.

5. What describes the extent to which time or effort is well used for the intended task or purpose?
(a) Proximity.
(b) Efficiency.
(c) Reliability.
(d) Intention.

6. 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) Money market.
(b) Capitalism.
(c) Communism.
(d) Asset allocation.

7. In what political structure does the government set the price and decide what's on the shelves?
(a) Communism.
(b) Utopianism.
(c) Capitalism.
(d) Marxism.

8. What refers to the increasingly global relationships of culture, people and economic activity?
(a) Consolidation.
(b) Monopoly.
(c) Globalization.
(d) Slavery.

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

10. 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?
(a) Supply and demand.
(b) Futures contract.
(c) Asset allocation.
(d) Business cycle.

11. Behavioral economics intertwine economics and what?
(a) Religion.
(b) Psychology.
(c) Geometry.
(d) Geography.

12. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?
(a) 1998.
(b) 1994.
(c) 2002.
(d) 2005.

13. When was Gary Becker born?
(a) 1956.
(b) 1930.
(c) 1945.
(d) 1922.

14. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?
(a) The Jerusalem War.
(b) The Gaza War.
(c) The Yom Kippur War.
(d) The Torah War.

15. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?
(a) Keeping enough money on hand.
(b) Analyzing risk.
(c) Paying out interest.
(d) Using their own money.

Short Answer Questions

1. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?

2. When was Burton G. Malkiel born?

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

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

5. Douglas Ivester's goal was achieving what when he told his sales team to pass free Coca-Cola around as the Berlin Wall toppled?

(see the answer keys)

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