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. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
(a) Funnels.
(b) Paperweights.
(c) Necklaces.
(d) Daggers.

2. In what political structure does the government set the price and decide what's on the shelves?
(a) Marxism.
(b) Utopianism.
(c) Communism.
(d) Capitalism.

3. What is the capital of the Republic of Cuba?
(a) Miami.
(b) Tijuana.
(c) Havana.
(d) Kingston.

4. Burton G. Malkiel is an American economist, most famous for what classic finance book?
(a) A Random Walk Down Wall Street.
(b) The Millionaire Next Door: The Surprising Secrets of America's Wealthy.
(c) The Wall Street MBA: Your Personal Crash Course in Corporate Finance.
(d) Extreme Money: Masters of the Universe and the Cult of Risk.

5. In economics, what is a good that is non-rival and non-excludable?
(a) A private good.
(b) A corporate good.
(c) A public good.
(d) A government good.

Short Answer Questions

1. According to the principles of a market economy, if it's raining, it's time to sell what?

2. 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?

3. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?

4. Michael Jensen refers to company stock options as what in Chapter 2?

5. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?

Short Essay Questions

1. How does the author address the issue of protectionism in Chapter 12?

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

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

4. 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?

5. What does the author remark about globalization in the beginning of Chapter 12? What are the benefits of global trade?

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

7. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?

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

9. How does the author address the issues of outsourcing in Chapter 12?

10. What is the ERM? What is its role according to the author in Chapter 11?

(see the answer keys)

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