Naked Economics: Undressing the Dismal Science Test | Final 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. What does FX stand for?

2. What country had a bad reputation so it's government created a currency board ensuring that each of its pesos was worth one United States dollar?

3. According to the author in Chapter 13, some argue that high temperatures and heavy rainfall yield poor food production and and increase in what, therefore limiting a location's ability to create a thriving economy?

4. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?

5. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the eighth?

Short Essay Questions

1. How are the complications of international exchange rates described in Chapter 11?

2. How is the gold standard described in Chapter 11? What is the problem with the gold standard?

3. How are fixed exchange rates defined and described in Chapter 11?

4. How does the author describe the relationship between the GDP and quality of life in India in Chapter 9?

5. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?

6. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?

7. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?

8. How does the author describe the importance of monetary policy in concluding the book in Chapter 13?

9. How is the decline of Iceland's economy described in Chapter 11?

10. How does the author describe the results of the United Nations Monetary and Financial Conference in Chapter 11?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

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?

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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