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. In what year did Douglas Ivester tell his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) 1977.
(b) 1982.
(c) 1989.
(d) 1969.

2. 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) Daggers.
(d) Necklaces.

3. 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?
(a) Punishment.
(b) Belief.
(c) Incentive.
(d) Barrier.

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

5. According to the principles of a market economy, if it's raining, it's time to sell what?
(a) Umbrellas.
(b) Boats.
(c) Loans.
(d) Houses.

6. What does OPEC stand for?
(a) Original Plan Excluding Copyright.
(b) Organization of Petroleum Exporting Countries.
(c) Oil and Petroleum Exclusion Clause.
(d) Oval Palace Executive Class.

7. When did the Korean War begin?
(a) 1948.
(b) 1959.
(c) 1931.
(d) 1950.

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

9. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?
(a) 2002.
(b) 1994.
(c) 1998.
(d) 2005.

10. 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) Option.
(b) Trade-off.
(c) Bond.
(d) Portfolio.

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

12. 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?
(a) Geotourism.
(b) Hippytourism.
(c) Nativetourism.
(d) Ecotourism.

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

14. 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) Storing, protecting and making profitable use of excess capital.
(c) Speculation.
(d) Raising capital.

15. 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) 60.
(b) 42.
(c) 75.
(d) 35.

Short Answer Questions

1. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?

2. 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?

3. Ross Perot ran for President of the United States in what year?

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

5. Behavioral economics intertwine economics and what?

(see the answer keys)

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