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. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?

2. India has a very low GDP per capita, and it also has over how many cases of leprosy according to the author in Chapter 9?

3. What term refers to currency with no international value?

4. Charles Wheelan was an unsuccessful Democratic candidate in the special election for Illinois's 5th congressional district, the seat vacated by whom?

5. What does FX stand for?

Short Essay Questions

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

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

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

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

5. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?

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

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Describe and discuss Douglas Ivester, the Coca-Cola Company, and the toppling of the Berlin Wall. When did the Berlin Wall come down and what did this mean in terms of the U.S.S.R.? What is brand recognition? In what ways does the author laud Ivester's tactic for marketing?

Essay Topic 2

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?

Essay Topic 3

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?

(see the answer keys)

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