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

2. OPEC has maintained its headquarters where since 1965?
(a) Vienna.
(b) Toronto.
(c) Havana.
(d) Sydney.

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

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

5. Cuba remained a territory of Spain until the Spanish-American War ended in what year?
(a) 1898.
(b) 1913.
(c) 1862.
(d) 1841.

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

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

8. 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) Funnels.
(c) Necklaces.
(d) Daggers.

9. What refers to a market where prices are determined by supply and demand?
(a) Influx market.
(b) Random market.
(c) Free market.
(d) Controlled market.

10. What contends that prices of publicly traded assets reflect all publicly available information?
(a) Supply and demand.
(b) Adverse selection.
(c) The uniform pay scale.
(d) The efficient market hypothesis.

11. What describes the extent to which time or effort is well used for the intended task or purpose?
(a) Intention.
(b) Efficiency.
(c) Proximity.
(d) Reliability.

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

13. What is a term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?
(a) Pork barrel.
(b) Adverse selection.
(c) Asset allocation.
(d) Gresham's law.

14. Who introduced the Hope credit?
(a) John F. Kennedy.
(b) Ronald Reagan.
(c) George W. Bush.
(d) Bill Clinton.

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

Short Answer Questions

1. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?

2. OPEC is an intergovernmental organization of how many oil-producing countries?

3. What is the capital of the Democratic People's Republic of Korea?

4. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?

5. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?

(see the answer keys)

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