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. 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 seventh?

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

3. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?

4. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the first?

5. What is an economic principle that states "Bad money drives out good"?

Short Essay Questions

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

2. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?

3. What is the HDI? How is it described in Chapter 9?

4. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?

5. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?

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

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

8. How does the author illustrate time and price value in America in Chapter 9?

9. How does the author address the issue of protectionism in Chapter 12?

10. How does the author address the issues of outsourcing in Chapter 12?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Define and analyze public policy, lobbyists, and subsidies. How has public policy changed in the past 20 years? How do subsidies affect the economy as a whole? What are the drawbacks to public policy and small groups, according to the author?

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 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?

(see the answer keys)

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