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

2. The U.S. adopted a silver standard based on the Spanish milled dollar in what year?
(a) 1802.
(b) 1785.
(c) 1835.
(d) 1866.

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

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

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

6. 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) 3.
(b) 8.
(c) 12.
(d) 5.

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

8. 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) 1883.
(c) 1822.
(d) 1848.

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

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

11. 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.

12. Of the top 25 polluted cities in the world, how many are in China according to the author?
(a) 24.
(b) 16.
(c) 5.
(d) 9.

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

14. According to the author in Chapter 13, when it comes to gaining economic power, it's best to avoid what, which depletes resources and limits education?
(a) Inflation.
(b) Extention.
(c) Deflation.
(d) War.

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

Short Answer Questions

1. The GDP does not consider economic activity that is what, according to the author in Chapter 9?

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

3. In many countries, the negative effects of the Great Depression lasted until the start of what?

4. The United Nations Monetary and Financial Conference was a gathering of delegates from how many nations?

5. Where did Charles Wheelan earn a PhD in public policy?

(see the answer keys)

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