Naked Economics: Undressing the Dismal Science Test | Final 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. What is the process of contracting a business function to someone else?
(a) Motivation.
(b) Outsourcing.
(c) Investing.
(d) Managing.

2. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?
(a) Interest.
(b) Collateral.
(c) Deflation.
(d) Inflation.

3. What is an assistance paid to a business or economic sector?
(a) Interest.
(b) Subsidy.
(c) Collateral.
(d) Derivative.

4. The GDP does not consider economic activity that is what, according to the author in Chapter 9?
(a) Subsidized.
(b) Deductible.
(c) Interdependent.
(d) Unpaid.

5. Of the top 25 polluted cities in the world, how many are in China according to the author?
(a) 24.
(b) 5.
(c) 16.
(d) 9.

6. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the fifth?
(a) Income inequality.
(b) Poverty.
(c) Demographics.
(d) Budget deficit/surplus.

7. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?
(a) $0.25.
(b) $0.50.
(c) $0.60.
(d) $0.75.

8. Mark Miringhoff believes the nation should have what, as described in Chapter 9?
(a) An army, navy, and airforce.
(b) A "portfolio of morals."
(c) A "social report card."
(d) More laws on bankers.

9. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the fourth?
(a) Income inequality.
(b) National savings.
(c) Size of the government.
(d) Unemployment.

10. When did the California Gold Rush begin?
(a) 1912.
(b) 1862.
(c) 1969.
(d) 1849.

11. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?
(a) National savings.
(b) Income inequality.
(c) Current account surplus/deficit.
(d) Total national happiness.

12. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the third?
(a) Unemployment.
(b) National savings.
(c) Income inequality.
(d) Current account surplus/deficit.

13. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?
(a) 2.
(b) 14.
(c) 5.
(d) 10.

14. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?
(a) The Economic Times.
(b) The Wall Street Journal.
(c) The Economist.
(d) Investors Business Daily.

15. What does FX stand for?
(a) Fiscal Axiom.
(b) Futures Axiom.
(c) Finacial Extreme.
(d) Foreign Exchange Market.

Short Answer Questions

1. What is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market?

2. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the first?

3. According to the author in Chapter 11, the problem with this gold standard was the central bank could do what?

4. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?

5. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?

(see the answer keys)

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