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. India has a very low GDP per capita, and it also has over how many cases of leprosy according to the author in Chapter 9?
(a) 50,000.
(b) 70,000.
(c) 35,000.
(d) 100,000.

2. What is an economic principle that states "Bad money drives out good"?
(a) Adverse selection.
(b) The uniform pay scale.
(c) Gresham's law.
(d) The Juche Idea.

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

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

5. 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 eighth?
(a) Unemployment.
(b) Demographics.
(c) Income inequality.
(d) Poverty.

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

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

8. Where does the author live and work today?
(a) San Francisco, California.
(b) Phoenix, Arizona.
(c) Minneapolis, Minnesota.
(d) Chicago, Illinois.

9. In finance, what between two currencies is the rate at which one currency will be exchanged for another?
(a) Collateral.
(b) Devaluation.
(c) Exchange rate.
(d) Deductible.

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

11. The delegates at the United Nations Monetary and Financial Conference created the World Bank, which is owned by how many member countries?
(a) 85.
(b) 59.
(c) 183.
(d) 114.

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

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

14. What is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically?
(a) The Juche Idea.
(b) Capitalism.
(c) Exchange rate.
(d) Protectionism.

15. What is the process of contracting a business function to someone else?
(a) Outsourcing.
(b) Managing.
(c) Investing.
(d) Motivation.

Short Answer Questions

1. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?

2. When was the first edition of "Naked Economics: Undressing the Dismal Science" published?

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

4. When was the Federal Reserve Act enacted?

5. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?

(see the answer keys)

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