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. 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) Dust.
(c) Predator species.
(d) Disease.

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

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

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

5. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?
(a) 14%.
(b) 29%.
(c) 62%.
(d) 44%.

6. What is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation?
(a) Property.
(b) Collateral.
(c) Derivative.
(d) Investment.

7. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?
(a) Soft currency.
(b) Dark currency.
(c) Light currency.
(d) Hard currency.

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

9. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?
(a) Inflation.
(b) Interest.
(c) Collateral.
(d) Deflation.

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

11. The author writes that trade helps the economy by doing what, in Chapter 12?
(a) Increasing the quality of goods.
(b) Lowering the cost of goods for consumers.
(c) Making goods more abundant.
(d) Encouraging sales and special offers.

12. What does HDI stand for?
(a) Hereditary Disease Index.
(b) Habitat Degradation Index.
(c) Human Development Index.
(d) Hunger Depletion Index.

13. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?
(a) Total national happiness.
(b) Income inequality.
(c) National savings.
(d) Current account surplus/deficit.

14. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?
(a) Perverse incentives.
(b) Public policy.
(c) Pork barrel.
(d) Deductive reasoning.

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

Short Answer Questions

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

2. When was the Federal Reserve Act enacted?

3. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?

4. When did the California Gold Rush begin?

5. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?

(see the answer keys)

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