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

Charles Wheelan
This set of Lesson Plans consists of approximately 139 pages of tests, essay questions, lessons, and other teaching materials.
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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. According to the author, financial markets boil down to four basic simple needs. What is the first discussed in Chapter 7?

2. When did the Cuban Revolution end?

3. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?

4. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?

5. The Hope Scholarship program was shut down after how many years, according to the author?

Short Essay Questions

1. How is the question of income security answered by the author in Chapter 6?

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

3. What example does the author give for the negative effect of incentives in Chapter 2?

4. Who wrote the book's Foreword? What does this individual say regarding the perception of economics and economists?

5. What are the ramifications of decisions made in the world of finance and legislation, according to the author in the Introduction?

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

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

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

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

10. 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?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Describe and analyze the author's concepts of productivity, education, and standard of living in Chapter 6. How does productivity relate to human capital? How does education relate to human capital and standard of living? How has education changed in the past 20 years?

Essay Topic 2

Describe and analyze the Hope Scholarship program and the Clinton Administration. When were Hope Scholarships introduced and when did they dissipate? How are Hope Scholarships used as an example of adverse selection in the book? What are other examples where adverse selection can be seen in recent history?

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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