Naked Economics: Undressing the Dismal Science Test | Mid-Book Test - Hard

Charles Wheelan
This set of Lesson Plans consists of approximately 139 pages of tests, essay questions, lessons, and other teaching materials.
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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?

2. According to the principles of a market economy, if it's raining, it's time to sell what?

3. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?

4. What represents the original capital paid into or invested in the business by its founders?

5. What refers to a market where prices are determined by supply and demand?

Short Essay Questions

1. What lessons can be learned from a monopoly situation according to the author in Chapter 4?

2. How does the author describe the concept of "trade-offs" in Chapter 1? How do trade-offs apply to individuals and to the economy?

3. What is the first of the basic needs the author boils down for investment markets in Chapter 7?

4. How is the question of income security answered by the author in Chapter 6?

5. How does the health of the economy affect income inequality, according to the author in Chapter 6?

6. What solution does the author consider for the problem with the black rhinoceros in Chapter 2?

7. What examples does the author give for the uninformed relaying false information in the Introduction?

8. Who wrote the book's Foreword? What does this individual say regarding the perception of economics and economists?

9. What are the ramifications of decisions made in the world of finance and legislation, according to the author in the Introduction?

10. How is the black rhinoceros described in Chapter 2? What are the horns of the animal worth in Yemen, and why?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss the author's example from Chapter 2 involving Yemen and the black rhinoceros. What is the value of the black rhino's horns and why are these horns so highly sought after? How does he describe the role of ecotourism as an environmental and economical solution? When did ecotourism first develop?

Essay Topic 2

Describe and discuss Douglas Ivester, the Coca-Cola Company, and the toppling of the Berlin Wall. When did the Berlin Wall come down and what did this mean in terms of the U.S.S.R.? What is brand recognition? In what ways does the author laud Ivester's tactic for marketing?

Essay Topic 3

Describe and discuss the stock market and the New York Stock Exchange. How are the following terms used in Chapter 7 defined: risk, speculation, investment, derivatives, capital? What four basic needs to understand investment are discussed in Chapter 7?

(see the answer keys)

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