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 refers to the increasingly global relationships of culture, people and economic activity?
(a) Consolidation.
(b) Slavery.
(c) Globalization.
(d) Monopoly.

2. In finance, what is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future delivery date?
(a) Supply and demand.
(b) Business cycle.
(c) Futures contract.
(d) Asset allocation.

3. 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.

4. Gary Becker received the United States Presidential Medal of Freedom in what year?
(a) 1998.
(b) 2004.
(c) 2007.
(d) 1995.

5. What is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual?
(a) Security.
(b) Collateral.
(c) Legislation.
(d) Portfolio.

Short Answer Questions

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

2. Arab members of OPEC alarmed the developed world when they used the "oil weapon" during what war by implementing oil embargoes?

3. According to the author, financial markets boil down to four basic simple needs. What is the first discussed in Chapter 7?

4. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?

5. In finance, what is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price?

Short Essay Questions

1. How does the author describe Douglas Ivester's marketing tactic in Chapter 1?

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

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

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

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

6. How is information a problem in the healthcare and insurance industries, as discussed in Chapter 5?

7. How does the author describe the concept of "trade-offs" in Chapter 1? How do trade-offs apply to individuals and to the economy?

8. How has the market economy contributed to a higher standard of living in America, according to the author in Chapter 1?

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

10. How does the author describe the concept of maximizing profits in Chapter 1? What examples does he give?

(see the answer keys)

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