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, insurance companies want to save money while doctors want to help patients and avoid what?
(a) Losing their medical license.
(b) Spreading diseases.
(c) Getting sued.
(d) Unnecessary fatalities.

2. Michael Jensen is a professor at what university's business school?
(a) Yale University.
(b) The University of Chicago.
(c) Fordham University.
(d) Harvard University.

3. Human capital is extremely important in economics because it is also tied together with what?
(a) Security.
(b) Collateral.
(c) Productivity.
(d) Inflation.

4. What is the fourth simple need of financial markets, as discussed in Chapter 7?
(a) Insuring against risk.
(b) Storing, protecting and making profitable use of excess capital.
(c) Speculation.
(d) Raising capital.

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

Short Answer Questions

1. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?

2. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?

3. Douglas Ivester was appointed as Chairman and Chief Executive Officer of Coca-Cola Company after whose death?

4. Michael Jensen refers to company stock options as what in Chapter 2?

5. Gary Becker figured that the stock of skills, education, training and an individual's health constitutes about what percent of a modern economy's wealth?

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

3. 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?

4. How does the author describe the concept of "trade-offs" in Chapter 1? How do trade-offs apply to individuals and to the economy?

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

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

7. 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?

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

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

10. How does the author describe the concept of maximizing profits in Chapter 1? What examples does he give?

(see the answer keys)

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