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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 1, companies want to profit, and consumers want what?
(a) Safety.
(b) Satisfaction.
(c) Results.
(d) Education.

2. What refers to a market where prices are determined by supply and demand?
(a) Controlled market.
(b) Random market.
(c) Free market.
(d) Influx market.

3. Douglas Ivester was appointed as Chairman and Chief Executive Officer of Coca-Cola Company after whose death?
(a) Mark Miringhoff.
(b) Roberto Goizueta.
(c) George Stigler.
(d) Ronald Coase.

4. Gary Becker received the United States Presidential Medal of Freedom in what year?
(a) 2004.
(b) 1998.
(c) 2007.
(d) 1995.

5. In Chapter 6, the author discusses poverty and income equality, using the example of what billionaire?
(a) Donald Trump.
(b) Bill Gates.
(c) Ted Turner.
(d) Fidel Castro.

Short Answer Questions

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

2. What contends that prices of publicly traded assets reflect all publicly available information?

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

4. What term was first used in the early 1990s to denote an organization's reputation as an employer?

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 describe Douglas Ivester's marketing tactic in Chapter 1?

2. How is the black rhinoceros described in Chapter 2? What are the horns of the animal worth in Yemen, and why?

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

4. 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?

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

6. What stereotypical scene does the author depict of an economics student in the Introduction?

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

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

9. How is information a problem in the healthcare and insurance industries, as discussed in Chapter 5?

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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