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

2. What describes the extent to which time or effort is well used for the intended task or purpose?
(a) Efficiency.
(b) Intention.
(c) Proximity.
(d) Reliability.

3. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?
(a) Supply and demand.
(b) Money market.
(c) Floating exchange rate.
(d) Adverse selection.

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) Raised.
(b) Maintained.
(c) Lowered.
(d) Prohibitive.

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

Short Answer Questions

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

2. When did the Korean War begin?

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

4. 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?

5. What refers to a market where prices are determined by supply and demand?

Short Essay Questions

1. Who wrote the book's Foreword? What does this individual say regarding the perception of economics and economists?

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

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

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

5. Discuss the importance of information in economics. How does the author address the issue of information in Chapter 4?

6. 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?

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

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

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

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

(see the answer keys)

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