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. The United Nations Monetary and Financial Conference was a gathering of delegates from how many nations?
(a) 31.
(b) 25.
(c) 38.
(d) 44.

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

3. What does ERM stand for?
(a) Education Resource Mechanism.
(b) European Exchange Rate Mechanism.
(c) Environmental Rarity Market.
(d) Electronic Remanufacturing Market.

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

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

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

7. 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.

8. In 1900, the average wage was how much per hour according to the author in Chapter 9?
(a) 54.2 cents.
(b) 32.8 cents.
(c) 23.7 cents.
(d) 14.8 cents.

9. 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) Argentina.
(b) Brazil.
(c) Ecuador.
(d) Peru.

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

11. When did the United Nations Monetary and Financial Conference take place?
(a) 1932.
(b) 1944.
(c) 1961.
(d) 1970.

12. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?
(a) The business cycle.
(b) Gresham's law.
(c) Trade-off.
(d) Perverse incentives.

13. 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) Interest.
(b) Recession.
(c) Productivity.
(d) Inflation.

14. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?
(a) Interdependent.
(b) Self-sufficient.
(c) Diverse.
(d) Impoverished.

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) 30% to 50%.
(c) 50% to 75%.
(d) 15% to 25%.

Short Answer Questions

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

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 third?

3. Where does the author live and work today?

4. The author writes that trade helps the economy by doing what, in Chapter 12?

5. When did President Jefferson suspend the minting of silver coins in the U.S.?

(see the answer keys)

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