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. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
(a) The market.
(b) The divide between the rich and the poor.
(c) Productivity.
(d) Maximizing utility.

2. What is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market?
(a) Inflationary exchange rate.
(b) Floating exchange rate.
(c) Interdependent exchange rate.
(d) Subsidized exchange rate.

3. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?
(a) 14%.
(b) 62%.
(c) 29%.
(d) 44%.

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 seventh?
(a) National savings.
(b) Demographics.
(c) Total national happiness.
(d) Current account surplus/deficit.

5. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?
(a) The Economist.
(b) Investors Business Daily.
(c) The Wall Street Journal.
(d) The Economic Times.

Short Answer Questions

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

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. 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 third?

4. 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?

5. The GDP does not consider economic activity that is what, according to the author in Chapter 9?

Short Essay Questions

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

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

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

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

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

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

7. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?

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

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

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

(see the answer keys)

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