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 refers to economy-wide fluctuations in production or economic activity over several months or years?
(a) Recession.
(b) Depression.
(c) Business cycle.
(d) Trade-off.

2. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?
(a) Collateral.
(b) Subsidy.
(c) Interest.
(d) Hedge.

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

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

5. What does HDI stand for?
(a) Hunger Depletion Index.
(b) Habitat Degradation Index.
(c) Human Development Index.
(d) Hereditary Disease Index.

6. The author writes that trade helps the economy by doing what, in Chapter 12?
(a) Making goods more abundant.
(b) Encouraging sales and special offers.
(c) Increasing the quality of goods.
(d) Lowering the cost of goods for consumers.

7. 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) 8.
(c) 5.
(d) 3.

8. 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) 50% to 75%.
(b) 10% to 20%.
(c) 15% to 25%.
(d) 30% to 50%.

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

10. The GDP does not consider economic activity that is what, according to the author in Chapter 9?
(a) Deductible.
(b) Interdependent.
(c) Subsidized.
(d) Unpaid.

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

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

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

14. What is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation?
(a) Investment.
(b) Property.
(c) Derivative.
(d) Collateral.

15. 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) Quality of life.
(b) Utility costs.
(c) Environmental degradation.
(d) Interest payments.

Short Answer Questions

1. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?

2. What does IMF stand for?

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

4. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?

5. What term refers to currency with no international value?

(see the answer keys)

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