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. 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) Government shouldn't provide any service that could be covered by the private sector.
(c) Governments should provide more services.
(d) Governments should maintain the financial infrastructure more.

2. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
(a) Most wealthy.
(b) Least wealthy.
(c) Most productive.
(d) Least productive.

3. Cuba remained a territory of Spain until the Spanish-American War ended in what year?
(a) 1862.
(b) 1913.
(c) 1841.
(d) 1898.

4. OPEC is an intergovernmental organization of how many oil-producing countries?
(a) 5.
(b) 12.
(c) 23.
(d) 8.

5. 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) Nonprofit organizations.
(b) Religious institutions.
(c) The government.
(d) Corporations.

Short Answer Questions

1. What refers to reasoning which constructs or evaluates deductive arguments?

2. In economics and sociology, what refers to any factor that enables or motivates a particular course of action or counts as a reason for preferring one choice to the alternatives?

3. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?

4. Gary Becker received the United States Presidential Medal of Freedom in what year?

5. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?

Short Essay Questions

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

2. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?

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

4. How are fixed exchange rates defined and described in Chapter 11?

5. How are the complications of international exchange rates described in Chapter 11?

6. What examples does the author give for the uninformed relaying false information in the Introduction?

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

8. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?

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

10. How does the author describe the tactics used by OPEC in Chapter 1?

(see the answer keys)

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