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. Human capital is extremely important in economics because it is also tied together with what?
(a) Productivity.
(b) Security.
(c) Collateral.
(d) Inflation.

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

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

4. 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?
(a) 2000.
(b) 1997.
(c) 1988.
(d) 1993.

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

6. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?
(a) Save, invest, and repeat.
(b) Research, fact check, invest.
(c) Research, invest, watch.
(d) Invest, watch, sell.

7. 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) Money market.
(b) Supply and demand.
(c) Adverse selection.
(d) Floating exchange rate.

8. 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) Index fund.
(b) Public policy.
(c) Futures contract.
(d) Money market.

9. The Cuban Revolution deposed what dictator?
(a) Roberto Goizueta.
(b) Fulgencio Batista.
(c) Fidel Castro.
(d) Nicholas Sarkozy.

10. 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?
(a) Derivative equation.
(b) Deductive equation.
(c) Differential equation.
(d) Depression equation.

11. 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 maintain the financial infrastructure more.
(c) Governments should provide more services.
(d) Government shouldn't actually do the work of maintaining infrastructure.

12. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.
(b) A Random Walk Down Wall Street.
(c) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.
(d) Extreme Money: Masters of the Universe and the Cult of Risk.

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

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

15. 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) Index fund.
(b) Mutual fund.
(c) Floating exchange rate.
(d) Money market.

Short Answer Questions

1. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?

2. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?

3. What are negative results which occur while trying to achieve a goal for the common good?

4. Douglas Ivester's goal was achieving what when he told his sales team to pass free Coca-Cola around as the Berlin Wall toppled?

5. In what year did Douglas Ivester tell his sales team to pass free Coca-Cola around as the Berlin Wall toppled?

(see the answer keys)

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