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

2. In 1900, the average wage was how much per hour according to the author in Chapter 9?
(a) 14.8 cents.
(b) 54.2 cents.
(c) 32.8 cents.
(d) 23.7 cents.

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

4. 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) National savings.
(b) Poverty.
(c) Total national happiness.
(d) Unemployment.

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

Short Answer Questions

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

2. When was the Federal Reserve Act enacted?

3. Where did Charles Wheelan earn a PhD in public policy?

4. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?

5. 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?

Short Essay Questions

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

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

3. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?

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

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

6. What does the author remark about globalization in the beginning of Chapter 12? What are the benefits of global trade?

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

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

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

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

(see the answer keys)

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