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. Economists ignored signs of problems in what year because they didn't want to face what might happen in the future, according to the author in the Introduction?

2. In finance, what is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price?

3. OPEC is an intergovernmental organization of how many oil-producing countries?

4. When was Gary Becker born?

5. What country withdrew from OPEC in 2008 after it became a net importer of oil?

Short Essay Questions

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

2. How does human capital relate to productivity? How does this in turn reflect the economic well-being of a nation, according to the author in Chapter 6?

3. How does the author describe the tactics used by OPEC in Chapter 1?

4. How does the author address the question of "getting rich quickly" in the market in Chapter 7?

5. What is the basic set of rules put forth by the author for those looking to invest in Chapter 7? How are risk and reward described?

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

7. What stereotypical scene does the author depict of an economics student in the Introduction?

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

9. How do the resources of a country reflect its economic well-being, according to the author in Chapter 6?

10. How is branding described as an economic strategy in Chapter 5?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Analyze and discuss recent governmental decisions which impact the economy and environment. What legislation has passed regarding oil drilling and fracking? How do these examples relate to the author's views on the government's role in environmental issues?

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

Describe and discuss the most recent Japanese and U.S. recessions. When, according to the author, did Japan's economic decline begin? What led to it? What do these recessions have in common? How do they differ? What are the different viewpoints regarding how to pull America from its current recession? What legislation has attempted to boost the economy? Has it been effective? Why or why not?

(see the answer keys)

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