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

2. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?
(a) Deductible.
(b) Subsidy.
(c) Derivative.
(d) Interest.

3. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?
(a) Supply and demand.
(b) Adverse selection.
(c) Floating exchange rate.
(d) Money market.

4. 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) Money market.
(c) Index fund.
(d) Futures contract.

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

6. When was Gary Becker born?
(a) 1922.
(b) 1930.
(c) 1945.
(d) 1956.

7. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Legislation.
(b) Adverse selection.
(c) Per capita.
(d) Trade-off.

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

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

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

11. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?
(a) The Torah War.
(b) The Gaza War.
(c) The Jerusalem War.
(d) The Yom Kippur War.

12. 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) $120,000.
(c) $30,000.
(d) $50,000.

13. 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) Freedom for the German people.
(b) Brand recognition.
(c) World domination.
(d) Reinstitution of Communism.

14. What is the capital of the Democratic People's Republic of Korea?
(a) Beijing.
(b) Honk Kong.
(c) Osaka.
(d) Pyongyang.

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

Short Answer Questions

1. 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?

2. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?

3. When did the Korean War end?

4. What is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual?

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

(see the answer keys)

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