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 is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically?

2. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?

3. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?

4. Nonperforming loans and bad investments caused the banks to suffer in Iceland, and by the fall of 2008, how many major banks in the country were defunct according to the author in Chapter 11?

5. According to the author in Chapter 12, studies show that globalizing countries had what percentage higher growth rate than other countries that were less integrated in the world economy?

Short Essay Questions

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

2. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?

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

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

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

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 describe public policy in Chapter 8? What problems do politicians face in this area?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss and analyze the author's Introduction to the book. What role does Wheelan propose economics and finance has in everyday life? What, according to the author, led to the problems with Lehman Brothers? What examples does the author use for politicians using false information?

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 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?

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