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

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

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

4. 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 fourth?
(a) Unemployment.
(b) National savings.
(c) Income inequality.
(d) Size of the government.

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

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

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

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

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

10. 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) Gresham's law.
(d) Trade-off.

11. The Chinese GDP has grown substantially over the past decade, yet its success is correlated to what, according to the author in Chapter 9?
(a) Interest payments.
(b) Quality of life.
(c) Utility costs.
(d) Environmental degradation.

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

13. What, as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks?
(a) Retirement.
(b) Underemployment.
(c) Unemployment.
(d) Overemployment.

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

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

Short Answer Questions

1. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?

2. What does FX stand for?

3. Where did Charles Wheelan earn a PhD in public policy?

4. In economics, what is a rise in the general level of prices of goods and services in an economy over a period of time?

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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