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

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

3. Gary Becker is a professor of economics, sociology at what institution?
(a) Fordham University.
(b) The University of Montana.
(c) Harvard University.
(d) The University of Chicago.

4. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?
(a) Hippytourism.
(b) Nativetourism.
(c) Geotourism.
(d) Ecotourism.

5. Who led the Cuban Revolution?
(a) Fidel Castro.
(b) Roberto Goizueta.
(c) Fulgencio Batista.
(d) Nicholas Sarkozy.

6. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?
(a) Index fund.
(b) Mutual fund.
(c) Money market.
(d) Floating exchange rate.

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

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

9. In finance, what is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price?
(a) Option.
(b) Portfolio.
(c) Bond.
(d) Trade-off.

10. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?
(a) 2005.
(b) 2002.
(c) 1998.
(d) 1994.

11. When did the Cuban Revolution end?
(a) 1959.
(b) 1984.
(c) 1996.
(d) 1979.

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

13. 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) Index fund.
(b) Differential equation.
(c) Futures contract.
(d) Human capital.

14. What rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who sees London?"
(b) "Who smells Detroit?"
(c) "Who feeds Paris?"
(d) "Who hears New York?"

15. OPEC has maintained its headquarters where since 1965?
(a) Vienna.
(b) Sydney.
(c) Toronto.
(d) Havana.

Short Answer Questions

1. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?

2. Michael Jensen refers to company stock options as what in Chapter 2?

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

4. What, according to the author, motivates talented teachers to leave to go onto other professions?

5. What is the fourth simple need of financial markets, as discussed in Chapter 7?

(see the answer keys)

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