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

2. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?
(a) Deductive reasoning.
(b) Pork barrel.
(c) Perverse incentives.
(d) Public policy.

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

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

5. When was the Federal Reserve Act enacted?
(a) 1776.
(b) 1812.
(c) 1913.
(d) 1892.

6. 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.

7. In economics, what refers to a general slowdown in economic activity?
(a) Business cycle.
(b) Recession.
(c) Depression.
(d) Trade-off.

8. 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) Productivity.
(c) Inflation.
(d) Interest.

9. 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?
(a) Demographics.
(b) Poverty.
(c) National savings.
(d) Income inequality.

10. When was the first edition of "Naked Economics: Undressing the Dismal Science" published?
(a) 1995.
(b) 2002.
(c) 2006.
(d) 1997.

11. Charles Wheelan was an unsuccessful Democratic candidate in the special election for Illinois's 5th congressional district, the seat vacated by whom?
(a) Barack Obama.
(b) Rahm Emanuel.
(c) Abraham Lincoln.
(d) Bill Clinton.

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

13. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?
(a) $0.50.
(b) $0.60.
(c) $0.75.
(d) $0.25.

14. 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.

15. The benefit of the HDI in comparison to the GDP is that the GDP does not measure what, according to the author in Chapter 9?
(a) Happiness.
(b) Political unrest.
(c) Inflation.
(d) Productivity.

Short Answer Questions

1. 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?

2. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?

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

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

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

(see the answer keys)

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