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

Charles Wheelan
This set of Lesson Plans consists of approximately 139 pages of tests, essay questions, lessons, and other teaching materials.
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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
(a) Funnels.
(b) Daggers.
(c) Paperweights.
(d) Necklaces.

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

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

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

5. 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 alkaloid.
(c) A poison.
(d) An aphrodesiac.

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

7. Michael Jensen refers to company stock options as what in Chapter 2?
(a) "A trough of money."
(b) "Wall Streets marijuana."
(c) "Cocaine for businessmen."
(d) "Managerial heroin."

8. 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) 2000.
(d) 1997.

9. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
(a) Marxism.
(b) The Communist Manifesto.
(c) The Juche Idea.
(d) Capitalism.

10. 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?
(a) Money market.
(b) Asset allocation.
(c) Futures contract.
(d) Adverse selection.

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

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

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

14. 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) Government shouldn't actually do the work of maintaining infrastructure.
(c) Governments should maintain the financial infrastructure more.
(d) Government shouldn't provide any service that could be covered by the private sector.

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

Short Answer Questions

1. According to the principles of a market economy, if it's raining, it's time to sell what?

2. What refers to a market where prices are determined by supply and demand?

3. What term was first used in the early 1990s to denote an organization's reputation as an employer?

4. OPEC is an intergovernmental organization of how many oil-producing countries?

5. When was Burton G. Malkiel born?

(see the answer keys)

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