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 are negative results which occur while trying to achieve a goal for the common good?
(a) Unknown incentives.
(b) Perverse incentives.
(c) Abstract incentives.
(d) Ghost incentives.

2. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?
(a) New York.
(b) Mexico City.
(c) Pyongyang.
(d) London.

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

4. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?
(a) Keeping enough money on hand.
(b) Using their own money.
(c) Analyzing risk.
(d) Paying out interest.

5. What is a collective investment scheme that aims to replicate the movements of an index of a specific financial market regardless of market conditions?
(a) Index fund.
(b) Money market.
(c) Futures contract.
(d) Public policy.

Short Answer Questions

1. What does OPEC stand for?

2. When did the Cuban Revolution begin?

3. When did the Cuban Revolution end?

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

5. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?

Short Essay Questions

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

2. How does the author of the Foreword describe the focus the book of "Naked Economics: Undressing the Dismal Science"? Does he find it balanced? Why?

3. 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?

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

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

6. What human fallacies does the author address in the beginning of Chapter 7?

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

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

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

10. 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?

(see the answer keys)

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