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. When did the Great Depression begin in the United States?
(a) 1905.
(b) 1918.
(c) 1929.
(d) 1886.

2. Charles Wheelan was an unsuccessful Democratic candidate in the special election for Illinois's 5th congressional district, the seat vacated by whom?
(a) Bill Clinton.
(b) Rahm Emanuel.
(c) Abraham Lincoln.
(d) Barack Obama.

3. 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 first?
(a) Poverty.
(b) Unemployment.
(c) Total national happiness.
(d) National savings.

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

5. In economics, what is a rise in the general level of prices of goods and services in an economy over a period of time?
(a) Inflation.
(b) Productivity.
(c) Recession.
(d) Interest.

Short Answer 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 second?

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

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

4. According to the author in Chapter 12, studies show that globalizing countries had what percentage higher growth rate than other countries that were less integrated in the world economy?

5. What does IMF stand for?

Short Essay Questions

1. How are the complications of international exchange rates described in Chapter 11?

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

3. What can be seen about the American economy by looking at the GDP, as illustrated in Chapter 9?

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

5. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?

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

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

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

9. How does the author describe the importance of monetary policy in concluding the book in Chapter 13?

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

(see the answer keys)

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