Naked Economics: Undressing the Dismal Science Test | Mid-Book Test - Medium

Charles Wheelan
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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What country withdrew from OPEC in 2008 after it became a net importer of oil?
(a) The United States.
(b) Mexico.
(c) Egypt.
(d) Indonesia.

2. What is an investment position intended to offset potential losses that may be incurred by a companion investment?
(a) Hedge.
(b) Bond.
(c) Deductible.
(d) Futures contract.

3. What describes the extent to which time or effort is well used for the intended task or purpose?
(a) Intention.
(b) Reliability.
(c) Efficiency.
(d) Proximity.

4. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) Extreme Money: Masters of the Universe and the Cult of Risk.
(b) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.
(c) A Random Walk Down Wall Street.
(d) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.

5. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?
(a) Derivative.
(b) Legislation.
(c) Exchange rate.
(d) Futures contract.

Short Answer Questions

1. What is a collective investment scheme that aims to replicate the movements of an index of a specific financial market regardless of market conditions?

2. When was Douglas Ivester born?

3. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?

4. What is the capital of the Republic of Cuba?

5. Ross Perot ran for President of the United States in what year?

Short Essay Questions

1. How is branding described as an economic strategy in Chapter 5?

2. How does the health of the economy affect income inequality, according to the author in Chapter 6?

3. How does human capital relate to productivity? How does this in turn reflect the economic well-being of a nation, according to the author in Chapter 6?

4. What do economists assume about human nature and motivation, according to the author in Chapter 1?

5. What are the second through fourth of the basic needs the author boils down for investment markets in Chapter 7?

6. How is adverse selection described in the example of Hope Scholarships in Chapter 4?

7. Who wrote the book's Foreword? What does this individual say regarding the perception of economics and economists?

8. What example does the author give for the negative effect of incentives in Chapter 2?

9. What stereotypical scene does the author depict of an economics student in the Introduction?

10. Discuss the importance of information in economics. How does the author address the issue of information in Chapter 4?

(see the answer keys)

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