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

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

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

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

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

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

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

8. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?
(a) The Torah War.
(b) The Jerusalem War.
(c) The Gaza War.
(d) The Yom Kippur War.

9. 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) Pyongyang.
(b) Mexico City.
(c) New York.
(d) London.

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

11. Ross Perot ran for President of the United States in what year?
(a) 1988.
(b) 1992.
(c) 2002.
(d) 2000.

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

13. The Hope Scholarship program was shut down after how many years, according to the author?
(a) 9.
(b) 5.
(c) 4.
(d) 2.

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

15. What country withdrew from OPEC in 2008 after it became a net importer of oil?
(a) Mexico.
(b) Indonesia.
(c) The United States.
(d) Egypt.

Short Answer Questions

1. What contends that prices of publicly traded assets reflect all publicly available information?

2. What is an investment position intended to offset potential losses that may be incurred by a companion investment?

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

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

5. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?

(see the answer keys)

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