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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 refers to the degree to which a correct forecast of a system's state can be made either qualitatively or quantitatively?
2. According to the author, the Hope Scholarships were a plan wherein students could borrow money for college and pay back their loans after they graduated using what?
3. In economics and sociology, what refers to any factor that enables or motivates a particular course of action or counts as a reason for preferring one choice to the alternatives?
4. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?
5. 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?
Short Essay Questions
1. How is adverse selection described in the example of Hope Scholarships in Chapter 4?
2. How is branding described as an economic strategy in Chapter 5?
3. How do the resources of a country reflect its economic well-being, according to the author in Chapter 6?
4. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?
5. What is a "diversified portfolio"? What does the author state regarding this in Chapter 7?
6. How does the author of the Foreword describe Charles Wheelan's approach to explaining economics in "Naked Economics: Undressing the Dismal Science"?
7. What lessons can be learned from a monopoly situation according to the author in Chapter 4?
8. How does the author describe Douglas Ivester's marketing tactic in Chapter 1?
9. How is information a problem in the healthcare and insurance industries, as discussed in Chapter 5?
10. What example does the author give for the negative effect of incentives in Chapter 2?
Write an essay for ONE of the following topics:
Essay Topic 1
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 2
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 3
Define and discuss perverse incentives in economics. What example is used from Mexico City in Chapter 2? When did this governmental action take place and what results came of the actions? How was the pollution of Mexico City affected by legislation?
This section contains 981 words
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