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

2. According to the author in Chapter 1, companies want to profit, and consumers want what?
(a) Results.
(b) Education.
(c) Safety.
(d) Satisfaction.

3. Michael Jensen refers to company stock options as what in Chapter 2?
(a) "A trough of money."
(b) "Cocaine for businessmen."
(c) "Managerial heroin."
(d) "Wall Streets marijuana."

4. What is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect?
(a) Adverse selection.
(b) Legislation.
(c) Per capita.
(d) Trade-off.

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

Short Answer Questions

1. What does OPEC stand for?

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

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

4. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?

5. When did the Cuban Revolution end?

Short Essay Questions

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

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

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

4. What lessons can be learned from a monopoly situation according to the author in Chapter 4?

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

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

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

8. How does the author describe the tactics used by OPEC in Chapter 1?

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

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

(see the answer keys)

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