Naked Economics: Undressing the Dismal Science Test | Final 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. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?
(a) Deflation.
(b) Collateral.
(c) Inflation.
(d) Interest.

2. In 1900, the average wage was how much per hour according to the author in Chapter 9?
(a) 54.2 cents.
(b) 32.8 cents.
(c) 14.8 cents.
(d) 23.7 cents.

3. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?
(a) Interest.
(b) Hedge.
(c) Subsidy.
(d) Collateral.

4. In economics, what is a sustained, long-term downturn in economic activity in one or more economies?
(a) Recession.
(b) Depression.
(c) Trade-off.
(d) Business cycle.

5. According to the author in Chapter 13, when it comes to gaining economic power, it's best to avoid what, which depletes resources and limits education?
(a) War.
(b) Inflation.
(c) Deflation.
(d) Extention.

Short Answer Questions

1. Nonperforming loans and bad investments caused the banks to suffer in Iceland, and by the fall of 2008, how many major banks in the country were defunct according to the author in Chapter 11?

2. The benefit of the HDI in comparison to the GDP is that the GDP does not measure what, according to the author in Chapter 9?

3. What is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market?

4. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the second?

5. In Chapter 13, the author states that according to the United Nations Food and Agriculture Organization, over how many people in this world don't get enough to eat?

Short Essay Questions

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

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

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

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

5. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?

6. How does the author address the issues of outsourcing in Chapter 12?

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

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

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

10. How does the author address the issue of protectionism in Chapter 12?

(see the answer keys)

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