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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 represents the original capital paid into or invested in the business by its founders?
2. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?
3. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?
4. What, according to the author, motivates talented teachers to leave to go onto other professions?
5. In economics, what is a good that is non-rival and non-excludable?
Short Essay Questions
1. What stereotypical scene does the author depict of an economics student in the Introduction?
2. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?
3. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?
4. How does the author describe the concept of "trade-offs" in Chapter 1? How do trade-offs apply to individuals and to the economy?
5. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?
6. How does the author illustrate time and price value in America in Chapter 9?
7. How are the complications of international exchange rates described in Chapter 11?
8. What human fallacies does the author address in the beginning of Chapter 7?
9. How is branding described as an economic strategy in Chapter 5?
10. What solution does the author consider for the problem with the black rhinoceros in Chapter 2?
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
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?
Essay Topic 3
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"?
This section contains 1,746 words
(approx. 6 pages at 300 words per page)