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 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?
(a) Depression equation.
(b) Differential equation.
(c) Derivative equation.
(d) Deductive equation.

2. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?
(a) Government shouldn't actually do the work of maintaining infrastructure.
(b) Governments should provide more services.
(c) Government shouldn't provide any service that could be covered by the private sector.
(d) Governments should maintain the financial infrastructure more.

3. Douglas Ivester's goal was achieving what when he told his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) World domination.
(b) Reinstitution of Communism.
(c) Freedom for the German people.
(d) Brand recognition.

4. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?
(a) Stock.
(b) Bond.
(c) Option.
(d) Deductible.

5. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?
(a) Universal financial system.
(b) Common financial system.
(c) Integral financial system.
(d) Global financial system.

Short Answer Questions

1. When did the Korean War end?

2. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?

3. What term was first used in the early 1990s to denote an organization's reputation as an employer?

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

5. Cuba remained a territory of Spain until the Spanish-American War ended in what year?

Short Essay Questions

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

2. Discuss the importance of information in economics. How does the author address the issue of information in Chapter 4?

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

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

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

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

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

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

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

(see the answer keys)

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