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. 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) Inflation.
(b) Interest.
(c) Collateral.
(d) Deflation.

2. The United Nations Monetary and Financial Conference was commonly known as what?
(a) The San Diego conference.
(b) The Yosemite Falls conference.
(c) The Bretton Woods conference.
(d) The New York and Europe conference.

3. 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) Extention.
(b) War.
(c) Deflation.
(d) Inflation.

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

5. When did the California Gold Rush begin?
(a) 1912.
(b) 1849.
(c) 1969.
(d) 1862.

Short Answer Questions

1. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?

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

3. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?

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

5. When did the Great Depression begin in the United States?

Short Essay Questions

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

2. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?

3. How do poor countries benefit by outsourcing and global trade, as described by the author in Chapter 12?

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

5. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?

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

7. How is the decline of Iceland's economy described in Chapter 11?

8. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?

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

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

(see the answer keys)

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