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

2. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?
(a) Differential equation.
(b) Human capital.
(c) Futures contract.
(d) Index fund.

3. Who introduced the Hope credit?
(a) Bill Clinton.
(b) George W. Bush.
(c) John F. Kennedy.
(d) Ronald Reagan.

4. Gary Becker received the United States Presidential Medal of Freedom in what year?
(a) 1995.
(b) 1998.
(c) 2007.
(d) 2004.

5. According to the author, financial markets boil down to four basic simple needs. What is the second discussed in Chapter 7?
(a) Raising capital.
(b) Speculation.
(c) Storing, protecting and making profitable use of excess capital.
(d) Insuring against risk.

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

7. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?
(a) Recession.
(b) Security.
(c) Index.
(d) Predictability.

8. What is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities?
(a) Mutual fund.
(b) Index fund.
(c) Foreign Exchange Market.
(d) Asset allocation.

9. 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?
(a) $2,500.
(b) $1,000.
(c) $6,000.
(d) $8,700.

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

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

12. Douglas Ivester was appointed as Chairman and Chief Executive Officer of Coca-Cola Company after whose death?
(a) George Stigler.
(b) Ronald Coase.
(c) Roberto Goizueta.
(d) Mark Miringhoff.

13. 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.

14. What is the capital of the Democratic People's Republic of Korea?
(a) Beijing.
(b) Osaka.
(c) Honk Kong.
(d) Pyongyang.

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

Short Answer Questions

1. Cuba remained a territory of Spain until the Spanish-American War ended in what year?

2. When did Ross Perot found Electronic Data Systems?

3. What is a collective investment scheme that aims to replicate the movements of an index of a specific financial market regardless of market conditions?

4. When was Burton G. Malkiel born?

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

(see the answer keys)

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