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. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
(a) 1992.
(b) 1997.
(c) 1988.
(d) 2003.

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

3. According to the author in Chapter 3, it's up to whom to consider the broad social consequences of decisions In a market economy?
(a) The government.
(b) Religious institutions.
(c) Nonprofit organizations.
(d) Corporations.

4. What is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets?
(a) Interest.
(b) Derivative.
(c) Subsidy.
(d) Deductible.

5. 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?
(a) Asset allocation.
(b) Index fund.
(c) Foreign Exchange Market.
(d) Mutual fund.

Short Answer Questions

1. Who introduced the Hope credit?

2. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?

3. Michael Jensen is a professor at what university's business school?

4. What is a collective investment scheme that aims to replicate the movements of an index of a specific financial market regardless of market conditions?

5. Douglas Ivester's goal was achieving what when he told his sales team to pass free Coca-Cola around as the Berlin Wall toppled?

Short Essay Questions

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

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

3. How do the resources of a country reflect its economic well-being, according to the author in Chapter 6?

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

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

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

7. 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?

8. How is branding described as an economic strategy in Chapter 5?

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

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

(see the answer keys)

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