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. 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) Unemployment.
(c) National savings.
(d) Income inequality.

2. 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) 100,000.
(d) 35,000.

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

4. What term refers to currency with no international value?
(a) Vouchers.
(b) Funny money.
(c) Monopoly money.
(d) Fast cash.

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

6. 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.

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

8. 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) Inflation.
(b) Productivity.
(c) Political unrest.
(d) Happiness.

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

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

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

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

13. 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 fifth?
(a) Income inequality.
(b) Demographics.
(c) Budget deficit/surplus.
(d) Poverty.

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

15. 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) 14.8 cents.
(d) 23.7 cents.

Short Answer Questions

1. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?

2. 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?

3. In economics, what refers to a general slowdown in economic activity?

4. The delegates at the United Nations Monetary and Financial Conference created the World Bank, which is owned by how many member countries?

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

(see the answer keys)

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