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

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

3. What publication commented on the French president's desire to come up with a way to measure human happiness, saying that it's like asking experts to put a number on spiritual matters?
(a) The Economist.
(b) Investors Business Daily.
(c) The Wall Street Journal.
(d) The Economic Times.

4. Nonperforming loans and bad investments caused the banks to suffer in Iceland, and by the fall of 2008, how many major banks in the country were defunct according to the author in Chapter 11?
(a) 12.
(b) 8.
(c) 3.
(d) 5.

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

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

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

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

9. 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) Derivative.
(b) Collateral.
(c) Property.
(d) Investment.

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

11. 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 third?
(a) Unemployment.
(b) National savings.
(c) Income inequality.
(d) Current account surplus/deficit.

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

13. 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) 1848.
(c) 1883.
(d) 1822.

14. When did the United Nations Monetary and Financial Conference take place?
(a) 1932.
(b) 1970.
(c) 1944.
(d) 1961.

15. 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) Interest.
(d) Recession.

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. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?

3. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?

4. What is a Latin prepositional phrase meaning "by heads"?

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 fourth?

(see the answer keys)

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