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. Human capital is extremely important in economics because it is also tied together with what?

2. What are negative results which occur while trying to achieve a goal for the common good?

3. What is the fourth simple need of financial markets, as discussed in Chapter 7?

4. What is a form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?

5. When was Burton G. Malkiel born?

Short Essay Questions

1. Who wrote the book's Foreword? What does this individual say regarding the perception of economics and economists?

2. How is adverse selection described in the example of Hope Scholarships in Chapter 4?

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

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

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

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

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

8. 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?

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

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

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

Analyze and discuss recent governmental decisions which impact the economy and environment. What legislation has passed regarding oil drilling and fracking? How do these examples relate to the author's views on the government's role in environmental issues?

Essay Topic 3

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?

(see the answer keys)

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