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 refers to the increasingly global relationships of culture, people and economic activity?
(a) Monopoly.
(b) Globalization.
(c) Slavery.
(d) Consolidation.

2. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?
(a) Common financial system.
(b) Universal financial system.
(c) Global financial system.
(d) Integral financial system.

3. 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) Foreign Exchange Market.
(b) Mutual fund.
(c) Index fund.
(d) Asset allocation.

4. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?
(a) Supply and demand.
(b) Money market.
(c) Floating exchange rate.
(d) Adverse selection.

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?
(a) Derivative equation.
(b) Differential equation.
(c) Deductive equation.
(d) Depression equation.

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

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

8. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?
(a) Paying out interest.
(b) Using their own money.
(c) Keeping enough money on hand.
(d) Analyzing risk.

9. Human capital is extremely important in economics because it is also tied together with what?
(a) Collateral.
(b) Inflation.
(c) Productivity.
(d) Security.

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

11. What does CEO stand for?
(a) Chief Executive Officer.
(b) Continental Energy Options.
(c) Cheap Everpresent Oil.
(d) Civil Engineer's Office.

12. When did Ross Perot found Electronic Data Systems?
(a) 1977.
(b) 1955.
(c) 1971.
(d) 1962.

13. What refers to reasoning which constructs or evaluates deductive arguments?
(a) Decisive reasoning.
(b) Constructive reasoning.
(c) Critical reasoning.
(d) Deductive reasoning.

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

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

Short Answer Questions

1. Michael Jensen is a professor at what university's business school?

2. OPEC has maintained its headquarters where since 1965?

3. Ross Perot ran for President of the United States in what year?

4. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?

5. 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?

(see the answer keys)

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