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

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

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

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

5. When did President Jefferson suspend the minting of silver coins in the U.S.?
(a) 1822.
(b) 1796.
(c) 1806.
(d) 1815.

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

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

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

9. In Chapter 13, the author states that according to the United Nations Food and Agriculture Organization, over how many people in this world don't get enough to eat?
(a) 100 million.
(b) 1 billion.
(c) 350 million.
(d) 800 million.

10. The United Nations Monetary and Financial Conference was commonly known as what?
(a) The Yosemite Falls conference.
(b) The San Diego conference.
(c) The Bretton Woods conference.
(d) The New York and Europe conference.

11. What refers to economy-wide fluctuations in production or economic activity over several months or years?
(a) Recession.
(b) Business cycle.
(c) Trade-off.
(d) Depression.

12. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?
(a) Canada.
(b) Japan.
(c) India.
(d) Spain.

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

14. 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) Size of the government.
(b) National savings.
(c) Unemployment.
(d) Income inequality.

15. When was the Federal Reserve Act enacted?
(a) 1812.
(b) 1776.
(c) 1913.
(d) 1892.

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. The U.S. adopted a silver standard based on the Spanish milled dollar in what year?

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

4. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?

5. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?

(see the answer keys)

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