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

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

3. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?
(a) Communism.
(b) Capitalism.
(c) Money market.
(d) Asset allocation.

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

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

6. According to the author, the Hope Scholarships were a plan wherein students could borrow money for college and pay back their loans after they graduated using what?
(a) Government bonds.
(b) Regular debit payments.
(c) Interest free payments.
(d) A percentage of their annual income.

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

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

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

10. 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) Religious institutions.
(c) Corporations.
(d) Nonprofit organizations.

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

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

13. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?
(a) $1,000.
(b) $6,000.
(c) $2,500.
(d) $8,700.

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

15. 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?
(a) Supply and demand.
(b) Business cycle.
(c) Futures contract.
(d) Asset allocation.

Short Answer Questions

1. What is the fourth simple need of financial markets, as discussed in Chapter 7?

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

3. In economics, what is a good that is non-rival and non-excludable?

4. When did Ross Perot found Electronic Data Systems?

5. When was Gary Becker born?

(see the answer keys)

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