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

Charles Wheelan
This set of Lesson Plans consists of approximately 139 pages of tests, essay questions, lessons, and other teaching materials.
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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. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?
(a) Raised.
(b) Lowered.
(c) Maintained.
(d) Prohibitive.

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

3. According to the author in Chapter 1, companies want to profit, and consumers want what?
(a) Satisfaction.
(b) Education.
(c) Safety.
(d) Results.

4. What rhetorical question do economists ask, according to the author in Chapter 1?
(a) "Who sees London?"
(b) "Who hears New York?"
(c) "Who feeds Paris?"
(d) "Who smells Detroit?"

5. Michael Jensen is a professor at what university's business school?
(a) Harvard University.
(b) The University of Chicago.
(c) Yale University.
(d) Fordham University.

Short Answer Questions

1. What is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities?

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?

3. 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?

4. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?

5. When did Ross Perot found Electronic Data Systems?

Short Essay Questions

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

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

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

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

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

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

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

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

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

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

(see the answer keys)

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