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. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?
(a) $1,000.
(b) $6,000.
(c) $8,700.
(d) $2,500.

2. Gary Becker figured that the stock of skills, education, training and an individual's health constitutes about what percent of a modern economy's wealth?
(a) 60.
(b) 35.
(c) 42.
(d) 75.

3. What refers to reasoning which constructs or evaluates deductive arguments?
(a) Decisive reasoning.
(b) Critical reasoning.
(c) Deductive reasoning.
(d) Constructive reasoning.

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

5. According to the author, there are two lessons to be learned from a monopoly situation. What is the first?
(a) Governments should maintain the financial infrastructure more.
(b) Governments should provide more services.
(c) Government shouldn't provide any service that could be covered by the private sector.
(d) Government shouldn't actually do the work of maintaining infrastructure.

Short Answer Questions

1. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?

2. What, according to the author, motivates talented teachers to leave to go onto other professions?

3. When was Gary Becker born?

4. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?

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

Short Essay Questions

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

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

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

4. How does the author describe the tactics used by OPEC in Chapter 1?

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

6. What investment tactic is recommended for the average investor without much expertise in the market in Chapter 7?

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

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

9. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?

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

(see the answer keys)

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