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 term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?
(a) Gresham's law.
(b) Asset allocation.
(c) Pork barrel.
(d) Adverse selection.

2. When was Douglas Ivester born?
(a) 1958.
(b) 1947.
(c) 1922.
(d) 1939.

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

4. In what year did Douglas Ivester tell his sales team to pass free Coca-Cola around as the Berlin Wall toppled?
(a) 1969.
(b) 1982.
(c) 1989.
(d) 1977.

5. 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) Index fund.
(b) Futures contract.
(c) Differential equation.
(d) Human capital.

Short Answer Questions

1. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?

2. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?

3. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?

4. North Korea is a single-party state under a united front led by what party?

5. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?

Short Essay Questions

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

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

3. What solution does the author consider for the problem with the black rhinoceros in Chapter 2?

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

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

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

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

8. 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?

9. How is the question of income security answered by the author in Chapter 6?

10. How does the author of the Foreword describe the focus the book of "Naked Economics: Undressing the Dismal Science"? Does he find it balanced? Why?

(see the answer keys)

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