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 a collective investment scheme that aims to replicate the movements of an index of a specific financial market regardless of market conditions?
(a) Money market.
(b) Futures contract.
(c) Public policy.
(d) Index fund.

2. 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 Yom Kippur War.
(c) The Torah War.
(d) The Gaza War.

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

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

5. In Chapter 6, the author discusses poverty and income equality, using the example of what billionaire?
(a) Ted Turner.
(b) Fidel Castro.
(c) Donald Trump.
(d) Bill Gates.

6. When was Burton G. Malkiel born?
(a) 1925.
(b) 1907.
(c) 1932.
(d) 1918.

7. 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) Business cycle.
(d) Asset allocation.

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

9. 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) Speculation.
(c) Insuring against risk.
(d) Raising capital.

10. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Least wealthy.
(b) Most productive.
(c) Least productive.
(d) Most wealthy.

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

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

13. 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) Deductible.
(b) Collateral.
(c) Subsidy.
(d) Inflation.

14. In economics, what is a good that is non-rival and non-excludable?
(a) A corporate good.
(b) A private good.
(c) A public good.
(d) A government good.

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

Short Answer Questions

1. OPEC has maintained its headquarters where since 1965?

2. What describes the extent to which time or effort is well used for the intended task or purpose?

3. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?

4. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?

5. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?

(see the answer keys)

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