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. When was the Hope credit established?

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

3. What is generally a fungible, negotiable financial instrument representing financial value?

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

5. What is the third simple need of financial markets, as discussed in Chapter 7?

Short Essay Questions

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

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

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

4. 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?

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

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

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

8. How is the black rhinoceros described in Chapter 2? What are the horns of the animal worth in Yemen, and why?

9. What examples does the author give for the uninformed relaying false information in the Introduction?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Describe and discuss the circumstances and impacts of monopolies. What are examples of recent monopolies in the U.S.? How were these monopolies dealt with? What governmental regulations ensure against monopoly? What does the author say can be learned from monopolies?

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

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?

(see the answer keys)

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