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

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

3. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?
(a) $7.
(b) $4.
(c) $11.
(d) $2.

4. Mark Miringhoff is a social science professor at what institution?
(a) Harvard University.
(b) Fordham University.
(c) The University of Chicago.
(d) The University of Alaska.

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

6. 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.

7. According to the author in Chapter 12, studies show that globalizing countries had what percentage higher growth rate than other countries that were less integrated in the world economy?
(a) 10% to 20%.
(b) 30% to 50%.
(c) 50% to 75%.
(d) 15% to 25%.

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

9. What does ERM stand for?
(a) European Exchange Rate Mechanism.
(b) Electronic Remanufacturing Market.
(c) Environmental Rarity Market.
(d) Education Resource Mechanism.

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

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

12. 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) Dust.
(b) Predator species.
(c) Floods.
(d) Disease.

13. 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 seventh?
(a) Total national happiness.
(b) Current account surplus/deficit.
(c) National savings.
(d) Demographics.

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

15. Where does the author live and work today?
(a) Phoenix, Arizona.
(b) Chicago, Illinois.
(c) Minneapolis, Minnesota.
(d) San Francisco, California.

Short Answer Questions

1. What does FX stand for?

2. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?

3. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?

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

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 fifth?

(see the answer keys)

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