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. When was the first edition of "Naked Economics: Undressing the Dismal Science" published?
(a) 1997.
(b) 2002.
(c) 1995.
(d) 2006.

2. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?
(a) $9.
(b) $18.
(c) $13.
(d) $15.

3. The author writes that trade helps the economy by doing what, in Chapter 12?
(a) Encouraging sales and special offers.
(b) Increasing the quality of goods.
(c) Lowering the cost of goods for consumers.
(d) Making goods more abundant.

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

5. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?
(a) Legislation.
(b) Trade-off.
(c) Hedge.
(d) Gresham's law.

Short Answer Questions

1. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?

2. What country had a bad reputation so it's government created a currency board ensuring that each of its pesos was worth one United States dollar?

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

4. The United Nations Monetary and Financial Conference was a gathering of delegates from how many nations?

5. What is an economic principle that states "Bad money drives out good"?

Short Essay Questions

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

2. In the example given in Chapter 11 of Argentina borrowing the reputation of the U.S., what was the outcome?

3. How does the author describe the relationship between the GDP and quality of life in India in Chapter 9?

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

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

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

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

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

9. What is the ERM? What is its role according to the author in Chapter 11?

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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