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. According to the author in Chapter 1, companies want to profit, and consumers want what?

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

3. When did the Cuban Revolution end?

4. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?

5. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?

Short Essay Questions

1. How does human capital relate to productivity? How does this in turn reflect the economic well-being of a nation, according to the author in Chapter 6?

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

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

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

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

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

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

8. What is the first of the basic needs the author boils down for investment markets in Chapter 7?

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

10. How is information a problem in the healthcare and insurance industries, as discussed in Chapter 5?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

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 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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