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 professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities?

2. What describes the extent to which time or effort is well used for the intended task or purpose?

3. According to the author in Chapter 7, the basic set of rules and investor should follow is to do what?

4. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?

5. Ross Perot ran for President of the United States in what year?

Short Essay Questions

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

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

3. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?

4. What are the second through fourth of the basic needs the author boils down for investment markets in Chapter 7?

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

6. How does the author describe the concept of maximizing profits in Chapter 1? What examples does he give?

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

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

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

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

Discuss the use of stock options as a means to develop company loyalty. Why does Michael Jenson oppose stock options? What does he refer to them as in Chapter 2? What, according to the author, motivates talented teachers to leave to go onto other professions?

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

Define, analyze and discuss the gross domestic product of the U.S. over the past century. When have the greatest changes taken place? What does this tell us about the economy during those times? How has technology affected the GDP in America?

(see the answer keys)

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