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. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?
(a) Statistics.
(b) Wall Street.
(c) Mathematics.
(d) Everyday life.

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

3. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
(a) 1997.
(b) 1988.
(c) 2003.
(d) 1992.

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

5. According to the author in Chapter 1, companies want to profit, and consumers want what?
(a) Satisfaction.
(b) Results.
(c) Education.
(d) Safety.

6. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?
(a) Unnecessary fatalities.
(b) Losing their medical license.
(c) Spreading diseases.
(d) Getting sued.

7. When did the Korean War begin?
(a) 1931.
(b) 1959.
(c) 1950.
(d) 1948.

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

9. 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) 60.
(b) 35.
(c) 75.
(d) 42.

10. What refers to a market where prices are determined by supply and demand?
(a) Controlled market.
(b) Free market.
(c) Random market.
(d) Influx market.

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

12. 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) Communism.
(c) Capitalism.
(d) Asset allocation.

13. OPEC has maintained its headquarters where since 1965?
(a) Toronto.
(b) Havana.
(c) Vienna.
(d) Sydney.

14. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?
(a) Floating exchange rate.
(b) Index fund.
(c) Money market.
(d) Mutual fund.

15. 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) Inflation.
(c) Deductible.
(d) Subsidy.

Short Answer Questions

1. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?

2. 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?

3. When was Burton G. Malkiel born?

4. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?

5. 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?

(see the answer keys)

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