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

Charles Wheelan
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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 a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?

2. What does CEO stand for?

3. In Chapter 2, the author discusses how the black rhinoceros is nearly extinct and that the horns are considered what?

4. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?

5. In an insurance policy, what is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses?

Short Essay Questions

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

2. How is information a problem in the healthcare and insurance industries, as discussed in Chapter 5?

3. What do economists assume about human nature and motivation, according to the author in Chapter 1?

4. Discuss the importance of information in economics. How does the author address the issue of information in Chapter 4?

5. How does the author of the Foreword describe Charles Wheelan's approach to explaining economics in "Naked Economics: Undressing the Dismal Science"?

6. How does the author describe Douglas Ivester's marketing tactic in Chapter 1?

7. How has the market economy contributed to a higher standard of living in America, according to the author in Chapter 1?

8. What investment tactic is recommended for the average investor without much expertise in the market in Chapter 7?

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

10. What is a "diversified portfolio"? What does the author state regarding this in Chapter 7?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

Discuss the biography and career of Charles Wheelan. What history and expertise does Wheelan have in the field of economics? What publications has Wheelan written for? How many books has he published? What criticism and/or awards did he earn for "Naked Economics: Undressing the Dismal Science"?

Essay Topic 3

Describe and discuss the history and economies of Cuba and North Korea. How have these economies suffered from overregulation, according to the author? What are the differences between Communist and capitalist nations regarding regulation and trade?

(see the answer keys)

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