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 refers to law which has been enacted by a legislature or other governing body, or the process of making it?
(a) Trade-off.
(b) Legislation.
(c) Hedge.
(d) Gresham's law.

2. 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) Rhode Island.
(c) Michigan.
(d) Missouri.

3. Charles Wheelan was an unsuccessful Democratic candidate in the special election for Illinois's 5th congressional district, the seat vacated by whom?
(a) Barack Obama.
(b) Abraham Lincoln.
(c) Rahm Emanuel.
(d) Bill Clinton.

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

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

6. 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) Retirement.
(b) Overemployment.
(c) Unemployment.
(d) Underemployment.

7. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the second?
(a) The market.
(b) The divide between the rich and the poor.
(c) Maximizing utility.
(d) Productivity.

8. 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) Disease.
(b) Floods.
(c) Dust.
(d) Predator species.

9. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?
(a) $18.
(b) $15.
(c) $13.
(d) $9.

10. Charles Wheelan graduated from what educational institution?
(a) Harvard University.
(b) University of Chicago.
(c) Dartmouth College.
(d) Yale University.

11. The U.S. adopted a silver standard based on the Spanish milled dollar in what year?
(a) 1866.
(b) 1785.
(c) 1835.
(d) 1802.

12. According to the author in Chapter 11, the problem with this gold standard was the central bank could do what?
(a) Charge interest.
(b) Devalue the currency.
(c) Require collateral.
(d) Manipulate exchange rates.

13. The benefit of the HDI in comparison to the GDP is that the GDP does not measure what, according to the author in Chapter 9?
(a) Political unrest.
(b) Happiness.
(c) Productivity.
(d) Inflation.

14. In economics, what is a rise in the general level of prices of goods and services in an economy over a period of time?
(a) Recession.
(b) Interest.
(c) Productivity.
(d) Inflation.

15. What is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market?
(a) Inflationary exchange rate.
(b) Subsidized exchange rate.
(c) Floating exchange rate.
(d) Interdependent exchange rate.

Short Answer Questions

1. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the first?

2. What is the process of contracting a business function to someone else?

3. 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?

4. What does GDP stand for?

5. Who gave out free medication in order to help the fight against leprosy, according to the author in Chapter 9?

(see the answer keys)

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