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

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

3. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
(a) Funnels.
(b) Daggers.
(c) Paperweights.
(d) Necklaces.

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

5. What is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual?
(a) Legislation.
(b) Portfolio.
(c) Collateral.
(d) Security.

6. 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) London.
(c) Pyongyang.
(d) New York.

7. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?
(a) A poison.
(b) An alkaloid.
(c) An evil potion.
(d) An aphrodesiac.

8. In finance, what is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price?
(a) Bond.
(b) Option.
(c) Trade-off.
(d) Portfolio.

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) Insuring against risk.
(c) Speculation.
(d) Storing, protecting and making profitable use of excess capital.

10. What is the capital of the Republic of Cuba?
(a) Miami.
(b) Havana.
(c) Tijuana.
(d) Kingston.

11. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?
(a) Unnecessary fatalities.
(b) Losing their medical license.
(c) Getting sued.
(d) Spreading diseases.

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

13. In what political structure does the government set the price and decide what's on the shelves?
(a) Capitalism.
(b) Marxism.
(c) Communism.
(d) Utopianism.

14. North Korea is a single-party state under a united front led by what party?
(a) The Korean Entitlement Party.
(b) The Democratic Party.
(c) The Korean Workers' Party.
(d) The Communist Party.

15. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?
(a) Research, invest, watch.
(b) Save, invest, and repeat.
(c) Invest, watch, sell.
(d) Research, fact check, invest.

Short Answer Questions

1. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?

2. Who introduced the Hope credit?

3. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?

4. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?

5. 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?

(see the answer keys)

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