Naked Economics: Undressing the Dismal Science Test | Final 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. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the first?
(a) The market.
(b) The divide between the rich and the poor.
(c) Maximizing utility.
(d) Productivity.

2. What, as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks?
(a) Unemployment.
(b) Retirement.
(c) Overemployment.
(d) Underemployment.

3. What does IMF stand for?
(a) Internal Military Fund.
(b) Insightful Money Framework.
(c) International Monetary Fund.
(d) Insecure Management Fund.

4. When was the Federal Reserve Act enacted?
(a) 1776.
(b) 1913.
(c) 1812.
(d) 1892.

5. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?
(a) The Economic Times.
(b) The Economist.
(c) Investors Business Daily.
(d) The Wall Street Journal.

Short Answer Questions

1. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the seventh?

2. The GDP does not consider economic activity that is what, according to the author in Chapter 9?

3. In 1900, the average wage was how much per hour according to the author in Chapter 9?

4. What does HDI stand for?

5. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?

Short Essay Questions

1. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?

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

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

4. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?

5. What does the GDP not factor in, according to the author in Chapter 9?

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

7. What does the author remark about globalization in the beginning of Chapter 12? What are the benefits of global trade?

8. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?

9. How are the complications of international exchange rates described in Chapter 11?

10. How is the gold standard described in Chapter 11? What is the problem with the gold standard?

(see the answer keys)

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