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. What is a political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?

2. The Lehman Brothers bank problem in 2008 occurred because the banks weren't what, according to the author?

3. Who led the Cuban Revolution?

4. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?

5. When did the Korean War begin?

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 the author describe the tactics used by OPEC in Chapter 1?

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

4. 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?

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

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

7. What are the ramifications of decisions made in the world of finance and legislation, according to the author in the Introduction?

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

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

10. 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?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss the biography and career of Charles Wheelan. What history and expertise does Wheelan have in the field of economics? What publications has Wheelan written for? How many books has he published? What criticism and/or awards did he earn for "Naked Economics: Undressing the Dismal Science"?

Essay Topic 2

Define and discuss stock averages and index funds. What are mutual funds and how are they implemented in an investment strategy? What are ways suggested by the author to minimize risk when investing? What is "insider trading" and how does it impact the economy as a whole?

Essay Topic 3

Describe and discuss the history and economies of Cuba and North Korea. How have these economies suffered from overregulation, according to the author? What are the differences between Communist and capitalist nations regarding regulation and trade?

(see the answer keys)

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