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. 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) World domination.
(c) Reinstitution of Communism.
(d) Brand recognition.

2. The Hope Scholarship program was shut down after how many years, according to the author?
(a) 4.
(b) 2.
(c) 9.
(d) 5.

3. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
(a) 2003.
(b) 1992.
(c) 1997.
(d) 1988.

4. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
(a) Daggers.
(b) Necklaces.
(c) Funnels.
(d) Paperweights.

5. 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) Derivative.
(b) Deductible.
(c) Subsidy.
(d) Interest.

6. When did the Cuban Revolution begin?
(a) 1972.
(b) 1934.
(c) 1965.
(d) 1953.

7. What is an investment position intended to offset potential losses that may be incurred by a companion investment?
(a) Hedge.
(b) Futures contract.
(c) Deductible.
(d) Bond.

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

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

10. According to the author in Chapter 1, companies want to profit, and consumers want what?
(a) Satisfaction.
(b) Results.
(c) Education.
(d) Safety.

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

12. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
(a) Capitalism.
(b) The Juche Idea.
(c) Marxism.
(d) The Communist Manifesto.

13. 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?
(a) Floating exchange rate.
(b) Mutual fund.
(c) Money market.
(d) Index fund.

14. When was Burton G. Malkiel born?
(a) 1907.
(b) 1925.
(c) 1918.
(d) 1932.

15. When was Douglas Ivester born?
(a) 1939.
(b) 1958.
(c) 1947.
(d) 1922.

Short Answer Questions

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

2. What describes the extent to which time or effort is well used for the intended task or purpose?

3. In Chapter 6, the author discusses poverty and income equality, using the example of what billionaire?

4. 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?

5. 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?

(see the answer keys)

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