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

2. What is the process of contracting a business function to someone else?
(a) Motivation.
(b) Investing.
(c) Outsourcing.
(d) Managing.

3. Where did Charles Wheelan earn a PhD in public policy?
(a) Yale University.
(b) Harvard University.
(c) Dartmouth College.
(d) The Harris School.

4. The United Nations Monetary and Financial Conference was a gathering of how many delegates?
(a) 435.
(b) 560.
(c) 730.
(d) 975.

5. What does FX stand for?
(a) Finacial Extreme.
(b) Fiscal Axiom.
(c) Foreign Exchange Market.
(d) Futures Axiom.

Short Answer Questions

1. In economics, what is a sustained, long-term downturn in economic activity in one or more economies?

2. 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?

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

4. What does ERM stand for?

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

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

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

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

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

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

7. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?

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

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

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

(see the answer keys)

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