Naked Economics: Undressing the Dismal Science Test | Mid-Book Test - Hard

Charles Wheelan
This set of Lesson Plans consists of approximately 139 pages of tests, essay questions, lessons, and other teaching materials.
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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 2, a horn from a black rhinoceros can fetch what amount on the black market?

2. According to the author in Chapter 2, the average annual income is what in the location where black rhinoceros horns are worth much on the black market?

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. 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?

5. What is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames?

Short Essay Questions

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

2. 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?

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

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

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

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

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

8. 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?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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?

Essay Topic 2

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?

Essay Topic 3

Describe and discuss the most recent Japanese and U.S. recessions. When, according to the author, did Japan's economic decline begin? What led to it? What do these recessions have in common? How do they differ? What are the different viewpoints regarding how to pull America from its current recession? What legislation has attempted to boost the economy? Has it been effective? Why or why not?

(see the answer keys)

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