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. Gary Becker was awarded the Nobel Memorial Prize in Economic Sciences in what year?

2. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?

3. Cuba remained a territory of Spain until the Spanish-American War ended in what year?

4. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?

5. According to the author, financial markets boil down to four basic simple needs. What is the first discussed in Chapter 7?

Short Essay Questions

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

2. 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?

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

4. How does the health of the economy affect income inequality, according to the author in Chapter 6?

5. How is adverse selection described in the example of Hope Scholarships in Chapter 4?

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

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

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

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

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

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

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 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?

(see the answer keys)

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