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, as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks?
(a) Unemployment.
(b) Underemployment.
(c) Overemployment.
(d) Retirement.

2. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?
(a) 1822.
(b) 1848.
(c) 1883.
(d) 1875.

3. Nonperforming loans and bad investments caused the banks to suffer in Iceland, and by the fall of 2008, how many major banks in the country were defunct according to the author in Chapter 11?
(a) 3.
(b) 12.
(c) 8.
(d) 5.

4. What country had a bad reputation so it's government created a currency board ensuring that each of its pesos was worth one United States dollar?
(a) Ecuador.
(b) Peru.
(c) Argentina.
(d) Brazil.

5. According to the author in Chapter 13, some argue that high temperatures and heavy rainfall yield poor food production and and increase in what, therefore limiting a location's ability to create a thriving economy?
(a) Predator species.
(b) Dust.
(c) Floods.
(d) Disease.

6. When did the Great Depression begin in the United States?
(a) 1929.
(b) 1886.
(c) 1918.
(d) 1905.

7. In economics, what is a sustained, long-term downturn in economic activity in one or more economies?
(a) Depression.
(b) Recession.
(c) Trade-off.
(d) Business cycle.

8. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?
(a) Jacques Chirac.
(b) François Mitterrand.
(c) Nicholas Sarkozy.
(d) Charles de Gaulle.

9. What is a Latin prepositional phrase meaning "by heads"?
(a) Et cetera.
(b) Per capita.
(c) E Pluribus Unum.
(d) In Unum.

10. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?
(a) New Hampshire.
(b) Missouri.
(c) Rhode Island.
(d) Michigan.

11. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?
(a) $2.
(b) $7.
(c) $4.
(d) $11.

12. What does IMF stand for?
(a) International Monetary Fund.
(b) Insecure Management Fund.
(c) Internal Military Fund.
(d) Insightful Money Framework.

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

14. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?
(a) Soft currency.
(b) Dark currency.
(c) Hard currency.
(d) Light currency.

15. According to the author in Chapter 12, studies show that globalizing countries had what percentage higher growth rate than other countries that were less integrated in the world economy?
(a) 10% to 20%.
(b) 50% to 75%.
(c) 15% to 25%.
(d) 30% to 50%.

Short Answer Questions

1. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?

2. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?

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

4. 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 seventh?

5. In economics, what is a rise in the general level of prices of goods and services in an economy over a period of time?

(see the answer keys)

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