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. In what year did the French government try to address its unemployment rates with what the author calls the economic equivalent of fool's gold?
(a) 1997.
(b) 1993.
(c) 1988.
(d) 2000.

2. What, according to the author, motivates talented teachers to leave to go onto other professions?
(a) Legislation.
(b) Capitalism.
(c) Supply and demand.
(d) The uniform pay scale.

3. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?
(a) Money market.
(b) Adverse selection.
(c) Supply and demand.
(d) Floating exchange rate.

4. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?
(a) Collateral.
(b) Deductible.
(c) Inflation.
(d) Subsidy.

5. The Hope Scholarship program was shut down after how many years, according to the author?
(a) 4.
(b) 9.
(c) 2.
(d) 5.

Short Answer Questions

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

2. What describes the extent to which time or effort is well used for the intended task or purpose?

3. What is the third simple need of financial markets, as discussed in Chapter 7?

4. What is generally a fungible, negotiable financial instrument representing financial value?

5. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?

Short Essay Questions

1. How does the author of the Foreword describe Charles Wheelan's approach to explaining economics in "Naked Economics: Undressing the Dismal Science"?

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

3. What lessons can be learned from a monopoly situation according to the author in Chapter 4?

4. What is the first of the basic needs the author boils down for investment markets in Chapter 7?

5. What is the basic set of rules put forth by the author for those looking to invest in Chapter 7? How are risk and reward described?

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

7. How does the author address the question of "getting rich quickly" in the market in Chapter 7?

8. What are the ramifications of decisions made in the world of finance and legislation, according to the author in the Introduction?

9. What is a "diversified portfolio"? What does the author state regarding this in Chapter 7?

10. How is the black rhinoceros described in Chapter 2? What are the horns of the animal worth in Yemen, and why?

(see the answer keys)

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