Naked Economics: Undressing the Dismal Science Test | Mid-Book Test - Medium

Charles Wheelan
This set of Lesson Plans consists of approximately 139 pages of tests, essay questions, lessons, and other teaching materials.
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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 in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?
(a) $120,000.
(b) $30,000.
(c) $15,000.
(d) $50,000.

2. When did Ross Perot found Electronic Data Systems?
(a) 1971.
(b) 1962.
(c) 1955.
(d) 1977.

3. 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) Integral financial system.
(c) Common financial system.
(d) Global financial system.

4. With uniform rules and regulations, the cost of doing business in the private sector is what, according to the author in Chapter 3?
(a) Maintained.
(b) Raised.
(c) Prohibitive.
(d) Lowered.

5. What is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual?
(a) Legislation.
(b) Security.
(c) Portfolio.
(d) Collateral.

Short Answer Questions

1. According to the author, financial markets boil down to four basic simple needs. What is the second discussed in Chapter 7?

2. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?

3. When did the Cuban Revolution end?

4. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?

5. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?

Short Essay Questions

1. How do the resources of a country reflect its economic well-being, according to the author in Chapter 6?

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

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

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

5. 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?

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

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

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

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

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

(see the answer keys)

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