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

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

3. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?

4. Burton G. Malkiel is an American economist, most famous for what classic finance book?

5. In economics, what is a good that is non-rival and non-excludable?

Short Essay Questions

1. What are the second through fourth of the basic needs the author boils down for investment markets in Chapter 7?

2. 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?

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

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

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

6. What solution does the author consider for the problem with the black rhinoceros in Chapter 2?

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

8. How does the author describe Douglas Ivester's marketing tactic in Chapter 1?

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

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 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 2

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 3

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?

(see the answer keys)

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