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. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?
(a) Mutual fund.
(b) Index fund.
(c) Money market.
(d) Floating exchange rate.

2. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?
(a) Communism.
(b) Asset allocation.
(c) Money market.
(d) Capitalism.

3. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?
(a) Deductible.
(b) Bond.
(c) Option.
(d) Stock.

4. What is the fourth simple need of financial markets, as discussed in Chapter 7?
(a) Insuring against risk.
(b) Raising capital.
(c) Speculation.
(d) Storing, protecting and making profitable use of excess capital.

5. When did the Korean War end?
(a) 1953.
(b) 1962.
(c) 1970.
(d) 1966.

Short Answer Questions

1. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?

2. In what year did Douglas Ivester tell his sales team to pass free Coca-Cola around as the Berlin Wall toppled?

3. What does OPEC stand for?

4. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?

5. Human capital is extremely important in economics because it is also tied together with what?

Short Essay Questions

1. What do economists assume about human nature and motivation, according to the author in Chapter 1?

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

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

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

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

6. 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?

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

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

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

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

(see the answer keys)

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