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

2. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.
(b) A Random Walk Down Wall Street.
(c) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.
(d) Extreme Money: Masters of the Universe and the Cult of Risk.

3. What is an investment position intended to offset potential losses that may be incurred by a companion investment?
(a) Hedge.
(b) Bond.
(c) Futures contract.
(d) Deductible.

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

5. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?
(a) Bond.
(b) Option.
(c) Stock.
(d) Deductible.

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

7. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Per capita.
(b) Trade-off.
(c) Adverse selection.
(d) Legislation.

8. 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) Floating exchange rate.
(b) Money market.
(c) Mutual fund.
(d) Index fund.

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

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

11. What are negative results which occur while trying to achieve a goal for the common good?
(a) Perverse incentives.
(b) Unknown incentives.
(c) Abstract incentives.
(d) Ghost incentives.

12. What does OPEC stand for?
(a) Oval Palace Executive Class.
(b) Oil and Petroleum Exclusion Clause.
(c) Organization of Petroleum Exporting Countries.
(d) Original Plan Excluding Copyright.

13. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?
(a) Statistics.
(b) Everyday life.
(c) Mathematics.
(d) Wall Street.

14. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?
(a) $50,000.
(b) $120,000.
(c) $30,000.
(d) $15,000.

15. What is the third simple need of financial markets, as discussed in Chapter 7?
(a) Insuring against risk.
(b) Speculation.
(c) Raising capital.
(d) Storing, protecting and making profitable use of excess capital.

Short Answer Questions

1. Human capital is extremely important in economics because it is also tied together with what?

2. According to the author, financial markets boil down to four basic simple needs. What is the second discussed in Chapter 7?

3. Who introduced the Hope credit?

4. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?

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

(see the answer keys)

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