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

2. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?

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

4. According to the author in Chapter 13, when it comes to gaining economic power, it's best to avoid what, which depletes resources and limits education?

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 first?

Short Essay Questions

1. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?

2. What does the GDP not factor in, according to the author in Chapter 9?

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

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

5. How do poor countries benefit by outsourcing and global trade, as described by the author in Chapter 12?

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

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

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"?

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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