View a FREE sample

This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice 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 eighth?
(a) Income inequality.
(b) Unemployment.
(c) Poverty.
(d) Demographics.

2. According to the author in Chapter 13, some argue that high temperatures and heavy rainfall yield poor food production and and increase in what, therefore limiting a location's ability to create a thriving economy?
(a) Predator species.
(b) Floods.
(c) Disease.
(d) Dust.

3. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?
(a) Impoverished.
(b) Interdependent.
(c) Self-sufficient.
(d) Diverse.

4. The GDP does not consider economic activity that is what, according to the author in Chapter 9?
(a) Interdependent.
(b) Unpaid.
(c) Deductible.
(d) Subsidized.

5. Charles Wheelan was an unsuccessful Democratic candidate in the special election for Illinois's 5th congressional district, the seat vacated by whom?
(a) Rahm Emanuel.
(b) Barack Obama.
(c) Abraham Lincoln.
(d) Bill Clinton.

6. 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 fifth?
(a) Demographics.
(b) Income inequality.
(c) Poverty.
(d) Budget deficit/surplus.

7. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?
(a) Investors Business Daily.
(b) The Economic Times.
(c) The Economist.
(d) The Wall Street Journal.

8. What refers to economy-wide fluctuations in production or economic activity over several months or years?
(a) Recession.
(b) Business cycle.
(c) Depression.
(d) Trade-off.

9. In economics, what is a sustained, long-term downturn in economic activity in one or more economies?
(a) Trade-off.
(b) Business cycle.
(c) Recession.
(d) Depression.

10. When did the California Gold Rush begin?
(a) 1849.
(b) 1912.
(c) 1969.
(d) 1862.

11. What is an assistance paid to a business or economic sector?
(a) Interest.
(b) Derivative.
(c) Collateral.
(d) Subsidy.

12. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?
(a) Deductive reasoning.
(b) Perverse incentives.
(c) Public policy.
(d) Pork barrel.

13. The United Nations Monetary and Financial Conference was a gathering of how many delegates?
(a) 975.
(b) 730.
(c) 435.
(d) 560.

14. 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?
(a) Extention.
(b) Deflation.
(c) War.
(d) Inflation.

15. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
(a) The divide between the rich and the poor.
(b) Maximizing utility.
(c) The market.
(d) Productivity.

Short Answer Questions

1. In Chapter 13, the author states that according to the United Nations Food and Agriculture Organization, over how many people in this world don't get enough to eat?

2. When was the first edition of "Naked Economics: Undressing the Dismal Science" published?

3. Where did Charles Wheelan earn a PhD in public policy?

4. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?

5. 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?

(see the answer keys)

This section contains 499 words (approx. 2 pages at 300 words per page) View a FREE sample