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. Behavioral economics intertwine economics and what?

2. Michael Jensen is a professor at what university's business school?

3. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?

4. What, according to the author, motivates talented teachers to leave to go onto other professions?

5. Who introduced the Hope credit?

Short Essay Questions

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

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

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

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

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

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

7. 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?

8. How does the author describe the tactics used by OPEC in Chapter 1?

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

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

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, 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 3

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?

(see the answer keys)

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