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. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?
(a) 62%.
(b) 14%.
(c) 29%.
(d) 44%.

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

3. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?
(a) Hard currency.
(b) Dark currency.
(c) Light currency.
(d) Soft currency.

4. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
(a) Productivity.
(b) The market.
(c) The divide between the rich and the poor.
(d) Maximizing utility.

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) Current account surplus/deficit.
(d) National savings.

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

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

8. The delegates at the United Nations Monetary and Financial Conference created the World Bank, which is owned by how many member countries?
(a) 114.
(b) 183.
(c) 85.
(d) 59.

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

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

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

12. What is a Latin prepositional phrase meaning "by heads"?
(a) Et cetera.
(b) Per capita.
(c) E Pluribus Unum.
(d) In Unum.

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

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

15. 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.

Short Answer Questions

1. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?

2. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?

3. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?

4. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?

5. In economics, what is a sustained, long-term downturn in economic activity in one or more economies?

(see the answer keys)

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