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 an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?

2. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?

3. Douglas Ivester was appointed as Chairman and Chief Executive Officer of Coca-Cola Company after whose death?

4. What is the capital of the Republic of Cuba?

5. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?

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

3. How has the market economy contributed to a higher standard of living in America, according to the author in Chapter 1?

4. What human fallacies does the author address in the beginning of Chapter 7?

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

6. How does the author of the Foreword describe the focus the book of "Naked Economics: Undressing the Dismal Science"? Does he find it balanced? Why?

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Define human capital and discuss how this term applies to the biographies and careers of Bill Gates and Gary Becker. How is a person's human capital valuated? How is income inequality worsened by the recession that began in 2008? How has the divide between those working on Wall Street and those working in the Main Street sector grown bigger? Why?

Essay Topic 2

Discuss and analyze the author's Introduction to the book. What role does Wheelan propose economics and finance has in everyday life? What, according to the author, led to the problems with Lehman Brothers? What examples does the author use for politicians using false information?

Essay Topic 3

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?

(see the answer keys)

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