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

2. When did the United Nations Monetary and Financial Conference take place?
(a) 1961.
(b) 1970.
(c) 1944.
(d) 1932.

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

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

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

Short Answer Questions

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

2. The Chinese GDP has grown substantially over the past decade, yet its success is correlated to what, according to the author in Chapter 9?

3. Where does the author live and work today?

4. What does GDP stand for?

5. 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?

Short Essay Questions

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

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

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

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

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

6. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?

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

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

9. Discuss the relationship between wealth and happiness. How is this illustrated in Chapter 9?

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

(see the answer keys)

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