Naked Economics: Undressing the Dismal Science Test | Final 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. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?

2. In many countries, the negative effects of the Great Depression lasted until the start of what?

3. What is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market?

4. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?

5. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?

Short Essay Questions

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

2. What is the ERM? What is its role according to the author in Chapter 11?

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

4. In the example given in Chapter 11 of Argentina borrowing the reputation of the U.S., what was the outcome?

5. What does the author remark about globalization in the beginning of Chapter 12? What are the benefits of global trade?

6. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?

7. What can be seen about the American economy by looking at the GDP, as illustrated in Chapter 9?

8. Discuss the relationship between wealth and happiness. How is this illustrated in Chapter 9?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss the career of economist Burton G. Malkiel and the efficient market hypothesis. When was the efficient market hypothesis developed? What ideas are presented in Malkiel's "A Random Walk Down Wall Street"? What does Malkiel write in the Forward to "Naked Economics: Undressing the Dismal Science"?

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

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"?

(see the answer keys)

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