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. What is generally a fungible, negotiable financial instrument representing financial value?
(a) Index fund.
(b) Option.
(c) Portfolio.
(d) Security.

2. 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) 1993.
(b) 1988.
(c) 1997.
(d) 2000.

3. What is the third simple need of financial markets, as discussed in Chapter 7?
(a) Storing, protecting and making profitable use of excess capital.
(b) Raising capital.
(c) Speculation.
(d) Insuring against risk.

4. 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) 35.
(c) 42.
(d) 60.

5. What does OPEC stand for?
(a) Oval Palace Executive Class.
(b) Oil and Petroleum Exclusion Clause.
(c) Organization of Petroleum Exporting Countries.
(d) Original Plan Excluding Copyright.

6. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?
(a) Governments should maintain the financial infrastructure more.
(b) Government shouldn't actually do the work of maintaining infrastructure.
(c) Governments should provide more services.
(d) Government shouldn't provide any service that could be covered by the private sector.

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

8. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?
(a) $30,000.
(b) $120,000.
(c) $15,000.
(d) $50,000.

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

10. The Cuban Revolution deposed what dictator?
(a) Roberto Goizueta.
(b) Fulgencio Batista.
(c) Nicholas Sarkozy.
(d) Fidel Castro.

11. Human capital is extremely important in economics because it is also tied together with what?
(a) Collateral.
(b) Security.
(c) Inflation.
(d) Productivity.

12. 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?
(a) Depression equation.
(b) Derivative equation.
(c) Deductive equation.
(d) Differential equation.

13. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
(a) Corporations.
(b) The government.
(c) Nonprofit organizations.
(d) Religious institutions.

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

15. North Korea is a single-party state under a united front led by what party?
(a) The Democratic Party.
(b) The Communist Party.
(c) The Korean Entitlement Party.
(d) The Korean Workers' Party.

Short Answer Questions

1. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?

2. In what political structure does the government set the price and decide what's on the shelves?

3. When was Gary Becker born?

4. In what year did Douglas Ivester tell his sales team to pass free Coca-Cola around as the Berlin Wall toppled?

5. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?

(see the answer keys)

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