Naked Economics: Undressing the Dismal Science Test | Final Test - Medium

Charles Wheelan
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This test consists of 5 multiple choice questions and 5 short answer questions.

Multiple Choice 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 fourth?
(a) Size of the government.
(b) National savings.
(c) Income inequality.
(d) Unemployment.

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 fifth?
(a) Demographics.
(b) Budget deficit/surplus.
(c) Income inequality.
(d) Poverty.

3. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?
(a) Current account surplus/deficit.
(b) National savings.
(c) Total national happiness.
(d) Income inequality.

4. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?
(a) $4.
(b) $2.
(c) $11.
(d) $7.

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

Short Answer Questions

1. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?

2. When did President Jefferson suspend the minting of silver coins in the U.S.?

3. In finance, what between two currencies is the rate at which one currency will be exchanged for another?

4. What is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation?

5. What term refers to currency with no international value?

(see the answer keys)

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