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. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?
(a) New York.
(b) Mexico City.
(c) London.
(d) Pyongyang.

2. 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?
(a) Adverse selection.
(b) Floating exchange rate.
(c) Supply and demand.
(d) Money market.

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

4. According to the principles of a market economy, if it's raining, it's time to sell what?
(a) Umbrellas.
(b) Boats.
(c) Houses.
(d) Loans.

5. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?
(a) Invest, watch, sell.
(b) Research, invest, watch.
(c) Save, invest, and repeat.
(d) Research, fact check, invest.

6. When was Douglas Ivester born?
(a) 1922.
(b) 1939.
(c) 1958.
(d) 1947.

7. What does CEO stand for?
(a) Civil Engineer's Office.
(b) Chief Executive Officer.
(c) Continental Energy Options.
(d) Cheap Everpresent Oil.

8. 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) 75.
(c) 35.
(d) 42.

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

10. What, according to the author, motivates talented teachers to leave to go onto other professions?
(a) Capitalism.
(b) Supply and demand.
(c) Legislation.
(d) The uniform pay scale.

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

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

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

14. 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) Futures contract.
(b) Asset allocation.
(c) Business cycle.
(d) Supply and demand.

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

Short Answer Questions

1. When did the Korean War end?

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

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

4. What refers to reasoning which constructs or evaluates deductive arguments?

5. According to the author, there are two lessons to be learned from a monopoly situation. What is the first?

(see the answer keys)

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