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 first discussed in Chapter 7?
(a) Speculation.
(b) Storing, protecting and making profitable use of excess capital.
(c) Insuring against risk.
(d) Raising capital.

2. 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) 1994.
(b) 2005.
(c) 1998.
(d) 2002.

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

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

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

6. What represents the original capital paid into or invested in the business by its founders?
(a) Stock.
(b) Pork barrel.
(c) Collateral.
(d) Bond.

7. 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) Futures contract.
(d) Index fund.

8. 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) Interest.
(c) Derivative.
(d) Subsidy.

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

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) Nonprofit organizations.
(b) Religious institutions.
(c) The government.
(d) Corporations.

11. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?
(a) Exchange rate.
(b) Derivative.
(c) Legislation.
(d) Futures contract.

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

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

14. 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) Barrier.
(b) Incentive.
(c) Belief.
(d) Punishment.

15. 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.

Short Answer 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?

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

3. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?

4. When did the Korean War begin?

5. Cuba remained a territory of Spain until the Spanish-American War ended in what year?

(see the answer keys)

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