Naked Economics: Undressing the Dismal Science Test | Final Test - Easy

Charles Wheelan
This set of Lesson Plans consists of approximately 148 pages of tests, essay questions, lessons, and other teaching materials.
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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

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

2. The United Nations Monetary and Financial Conference was commonly known as what?
(a) The New York and Europe conference.
(b) The Yosemite Falls conference.
(c) The Bretton Woods conference.
(d) The San Diego conference.

3. 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.

4. 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) Investors Business Daily.
(b) The Economist.
(c) The Wall Street Journal.
(d) The Economic Times.

5. The GDP does not consider economic activity that is what, according to the author in Chapter 9?
(a) Interdependent.
(b) Deductible.
(c) Unpaid.
(d) Subsidized.

6. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?
(a) Jacques Chirac.
(b) François Mitterrand.
(c) Charles de Gaulle.
(d) Nicholas Sarkozy.

7. What does GDP stand for?
(a) Gain and Drain Portfolio.
(b) Geographic Diversity Plot.
(c) Gems and Diamonds Per capita.
(d) Gross Domestic Product.

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

9. 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) Deductive reasoning.
(b) Public policy.
(c) Pork barrel.
(d) Perverse incentives.

10. In 1900, the average wage was how much per hour according to the author in Chapter 9?
(a) 32.8 cents.
(b) 23.7 cents.
(c) 14.8 cents.
(d) 54.2 cents.

11. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?
(a) Michigan.
(b) Missouri.
(c) Rhode Island.
(d) New Hampshire.

12. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?
(a) Interest.
(b) Subsidy.
(c) Hedge.
(d) Collateral.

13. 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) War.
(c) Deflation.
(d) Extention.

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

15. 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) National savings.
(b) Total national happiness.
(c) Unemployment.
(d) Poverty.

Short Answer Questions

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

2. 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?

3. According to the author in Chapter 11, the problem with this gold standard was the central bank could do what?

4. What does HDI stand for?

5. 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?

(see the answer keys)

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