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

Charles Wheelan
This set of Lesson Plans consists of approximately 139 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. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?
(a) $4.
(b) $7.
(c) $11.
(d) $2.

2. 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) Current account surplus/deficit.
(b) Unemployment.
(c) Income inequality.
(d) National savings.

3. 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) Perverse incentives.
(c) Public policy.
(d) Pork barrel.

4. 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) 15% to 25%.
(b) 10% to 20%.
(c) 50% to 75%.
(d) 30% to 50%.

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

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

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

8. 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) 5.
(c) 3.
(d) 8.

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

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

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

12. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?
(a) Gresham's law.
(b) Trade-off.
(c) Perverse incentives.
(d) The business cycle.

13. The United Nations Monetary and Financial Conference was a gathering of delegates from how many nations?
(a) 44.
(b) 31.
(c) 38.
(d) 25.

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

15. India has a very low GDP per capita, and it also has over how many cases of leprosy according to the author in Chapter 9?
(a) 100,000.
(b) 50,000.
(c) 70,000.
(d) 35,000.

Short Answer Questions

1. 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 second?

2. 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?

3. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?

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

5. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?

(see the answer keys)

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