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

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

3. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?
(a) Governments should maintain the financial infrastructure more.
(b) Governments should provide more services.
(c) Government shouldn't actually do the work of maintaining infrastructure.
(d) Government shouldn't provide any service that could be covered by the private sector.

4. The Hope Scholarship program was shut down after how many years, according to the author?
(a) 2.
(b) 9.
(c) 4.
(d) 5.

5. 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.

Short Answer Questions

1. What is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual?

2. In economics and sociology, what refers to any factor that enables or motivates a particular course of action or counts as a reason for preferring one choice to the alternatives?

3. What rhetorical question do economists ask, according to the author in Chapter 1?

4. In finance, what is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future delivery date?

5. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?

Short Essay Questions

1. How does the author describe the results of the United Nations Monetary and Financial Conference in Chapter 11?

2. How does the author illustrate time and price value in America in Chapter 9?

3. What is the HDI? How is it described in Chapter 9?

4. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?

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

6. Discuss the relationship between wealth and happiness. How is this illustrated in Chapter 9?

7. What investment tactic is recommended for the average investor without much expertise in the market in Chapter 7?

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

9. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?

10. How are fixed exchange rates defined and described in Chapter 11?

(see the answer keys)

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