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

2. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?
(a) Lowered.
(b) Maintained.
(c) Raised.
(d) Prohibitive.

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

4. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?
(a) Futures contract.
(b) Asset allocation.
(c) Adverse selection.
(d) Money market.

5. 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) Asset allocation.
(b) Capitalism.
(c) Money market.
(d) Communism.

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

7. 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 Yom Kippur War.
(c) The Jerusalem War.
(d) The Gaza War.

8. 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) Business cycle.
(b) Supply and demand.
(c) Futures contract.
(d) Asset allocation.

9. Cuba remained a territory of Spain until the Spanish-American War ended in what year?
(a) 1841.
(b) 1913.
(c) 1862.
(d) 1898.

10. When did the Cuban Revolution end?
(a) 1979.
(b) 1984.
(c) 1996.
(d) 1959.

11. 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.

12. Gary Becker received the United States Presidential Medal of Freedom in what year?
(a) 1995.
(b) 2007.
(c) 1998.
(d) 2004.

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

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

15. 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) $2,500.
(b) $6,000.
(c) $8,700.
(d) $1,000.

Short Answer Questions

1. When was Burton G. Malkiel born?

2. According to the author, financial markets boil down to four basic simple needs. What is the first discussed in Chapter 7?

3. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?

4. What refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?

5. In what year did the French government try to address its unemployment rates with what the author calls the economic equivalent of fool's gold?

(see the answer keys)

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