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, as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks?
(a) Retirement.
(b) Underemployment.
(c) Overemployment.
(d) Unemployment.

2. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?
(a) Gresham's law.
(b) The business cycle.
(c) Trade-off.
(d) Perverse incentives.

3. Who gave out free medication in order to help the fight against leprosy, according to the author in Chapter 9?
(a) The University of Chicago.
(b) The Bill and Melinda Gates Foundation.
(c) The World Health Organization.
(d) The Food and Drug Administration.

4. What does IMF stand for?
(a) International Monetary Fund.
(b) Internal Military Fund.
(c) Insightful Money Framework.
(d) Insecure Management Fund.

5. 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?
(a) Peru.
(b) Argentina.
(c) Ecuador.
(d) Brazil.

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. What is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically?

3. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?

4. The author writes that trade helps the economy by doing what, in Chapter 12?

5. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?

Short Essay Questions

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

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

3. What are the benefits of the HDI versus the GDP according to the author 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 the relationship between the GDP and quality of life in India in Chapter 9?

6. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?

7. How is the decline of Iceland's economy described in Chapter 11?

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

9. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?

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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