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) George Stigler.
(d) Ronald Coase.

2. What is a collective investment scheme that aims to replicate the movements of an index of a specific financial market regardless of market conditions?
(a) Public policy.
(b) Futures contract.
(c) Index fund.
(d) Money market.

3. OPEC is an intergovernmental organization of how many oil-producing countries?
(a) 12.
(b) 23.
(c) 8.
(d) 5.

4. 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) 1998.
(b) 2005.
(c) 1994.
(d) 2002.

5. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
(a) The government.
(b) Corporations.
(c) Religious institutions.
(d) Nonprofit organizations.

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

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

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

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

10. Douglas Ivester's goal was achieving what when he told his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) World domination.
(b) Brand recognition.
(c) Freedom for the German people.
(d) Reinstitution of Communism.

11. 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) Differential equation.
(b) Deductive equation.
(c) Depression equation.
(d) Derivative equation.

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

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) 75.
(b) 42.
(c) 35.
(d) 60.

14. When was Douglas Ivester born?
(a) 1939.
(b) 1922.
(c) 1958.
(d) 1947.

15. Michael Jensen is a professor at what university's business school?
(a) The University of Chicago.
(b) Yale University.
(c) Fordham University.
(d) Harvard University.

Short Answer Questions

1. Behavioral economics intertwine economics and what?

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

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

4. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?

5. 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?

(see the answer keys)

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