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 is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
(a) The Juche Idea.
(b) Marxism.
(c) The Communist Manifesto.
(d) Capitalism.

2. Douglas Ivester was appointed as Chairman and Chief Executive Officer of Coca-Cola Company after whose death?
(a) George Stigler.
(b) Mark Miringhoff.
(c) Ronald Coase.
(d) Roberto Goizueta.

3. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?
(a) Differential equation.
(b) Index fund.
(c) Futures contract.
(d) Human capital.

4. When did the Cuban Revolution begin?
(a) 1965.
(b) 1953.
(c) 1972.
(d) 1934.

5. Gary Becker received the United States Presidential Medal of Freedom in what year?
(a) 2007.
(b) 2004.
(c) 1995.
(d) 1998.

Short Answer Questions

1. Ross Perot ran for President of the United States in what year?

2. What is generally a fungible, negotiable financial instrument representing financial value?

3. 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?

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?

5. What is a term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?

Short Essay Questions

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

2. 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?

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

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

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

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

7. How is adverse selection described in the example of Hope Scholarships in Chapter 4?

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

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

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

(see the answer keys)

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