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 did the Korean War end?

2. What country withdrew from OPEC in 2008 after it became a net importer of oil?

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

4. According to the author, there are two lessons to be learned from a monopoly situation. What is the first?

5. What is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between the parties?

Short Essay Questions

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

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

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

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

5. How does the author of the Foreword describe Charles Wheelan's approach to explaining economics in "Naked Economics: Undressing the Dismal Science"?

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

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

8. 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?

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

10. 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?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Define and discuss perverse incentives in economics. What example is used from Mexico City in Chapter 2? When did this governmental action take place and what results came of the actions? How was the pollution of Mexico City affected by legislation?

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

Describe, analyze and discuss the public goods offered by the government in the U.S. What percentage of our nation's budget is dedicated to police and fire enforcement, roads, schools, etc.? What is the government's role in economic infrastructure, regulation, and finance?

(see the answer keys)

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