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 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?
(a) Foreign Exchange Market.
(b) Index fund.
(c) Asset allocation.
(d) Mutual fund.

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

3. According to Burton G. Malkiel in the Forward, economists often don't show a connection to what?
(a) Mathematics.
(b) Everyday life.
(c) Statistics.
(d) Wall Street.

4. Behavioral economics intertwine economics and what?
(a) Geometry.
(b) Religion.
(c) Psychology.
(d) Geography.

5. When was Gary Becker born?
(a) 1956.
(b) 1945.
(c) 1922.
(d) 1930.

Short Answer Questions

1. The Hope Scholarship program was shut down after how many years, according to the author?

2. 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?

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

4. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?

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?

Short Essay Questions

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

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

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

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

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

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

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

8. What do economists assume about human nature and motivation, according to the author in Chapter 1?

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

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

(see the answer keys)

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