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 the Hope credit established?
(a) 1999.
(b) 1992.
(c) 1974.
(d) 1985.

2. 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?"

3. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?
(a) Governments should provide more services.
(b) Governments should maintain the financial infrastructure more.
(c) Government shouldn't actually do the work of maintaining infrastructure.
(d) Government shouldn't provide any service that could be covered by the private sector.

4. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?
(a) Exchange rate.
(b) Futures contract.
(c) Derivative.
(d) Legislation.

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

6. 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) Deductible.
(b) Option.
(c) Bond.
(d) Stock.

7. When did the Korean War end?
(a) 1970.
(b) 1966.
(c) 1962.
(d) 1953.

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

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

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

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

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

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

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

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

Short Answer Questions

1. In economics and sociology, what refers to any factor that enables or motivates a particular course of action or counts as a reason for preferring one choice to the alternatives?

2. 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?

3. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?

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

5. What term was first used in the early 1990s to denote an organization's reputation as an employer?

(see the answer keys)

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