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 many countries, the negative effects of the Great Depression lasted until the start of what?
(a) The Korean War.
(b) World War I.
(c) World War II.
(d) Vietnam.

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

3. The United Nations Monetary and Financial Conference was a gathering of how many delegates?
(a) 435.
(b) 975.
(c) 730.
(d) 560.

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

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

6. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?
(a) Hard currency.
(b) Light currency.
(c) Soft currency.
(d) Dark currency.

7. 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) Income inequality.
(d) Unemployment.

8. 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 first?
(a) Unemployment.
(b) Poverty.
(c) National savings.
(d) Total national happiness.

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

10. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?
(a) 1875.
(b) 1822.
(c) 1883.
(d) 1848.

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

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

13. Charles Wheelan graduated from what educational institution?
(a) Yale University.
(b) University of Chicago.
(c) Dartmouth College.
(d) Harvard University.

14. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?
(a) Pork barrel.
(b) Perverse incentives.
(c) Public policy.
(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) Charge interest.
(b) Require collateral.
(c) Devalue the currency.
(d) Manipulate exchange rates.

Short Answer Questions

1. 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?

2. Mark Miringhoff believes the nation should have what, as described in Chapter 9?

3. When did the United Nations Monetary and Financial Conference take place?

4. 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 second?

5. Who gave out free medication in order to help the fight against leprosy, according to the author in Chapter 9?

(see the answer keys)

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