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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. North Korea is a single-party state under a united front led by what party?
(a) The Korean Entitlement Party.
(b) The Korean Workers' Party.
(c) The Communist Party.
(d) The Democratic Party.

2. What is the third simple need of financial markets, as discussed in Chapter 7?
(a) Raising capital.
(b) Storing, protecting and making profitable use of excess capital.
(c) Insuring against risk.
(d) Speculation.

3. The horns of the black rhinoceros are used to make what for the Yemenese people, according to the author in Chapter 2?
(a) Paperweights.
(b) Funnels.
(c) Daggers.
(d) Necklaces.

4. What is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders?
(a) Differential equation.
(b) Depression equation.
(c) Derivative equation.
(d) Deductive equation.

5. In finance, what is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future delivery date?
(a) Asset allocation.
(b) Supply and demand.
(c) Futures contract.
(d) Business cycle.

Short Answer Questions

1. In what political structure does the government set the price and decide what's on the shelves?

2. Burton G. Malkiel is an American economist, most famous for what classic finance book?

3. What is an economic model of price determination in a market that concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers?

4. What is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level?

5. Who introduced the Hope credit?

Short Essay Questions

1. What lessons can be learned from a monopoly situation according to the author in Chapter 4?

2. How is the question of income security answered by the author in Chapter 6?

3. How does the health of the economy affect income inequality, according to the author in Chapter 6?

4. How does the author of the Foreword describe the focus the book of "Naked Economics: Undressing the Dismal Science"? Does he find it balanced? Why?

5. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?

6. What do economists assume about human nature and motivation, according to the author in Chapter 1?

7. How is information a problem in the healthcare and insurance industries, as discussed in Chapter 5?

8. What are the ramifications of decisions made in the world of finance and legislation, according to the author in the Introduction?

9. How does the author describe the concept of maximizing profits in Chapter 1? What examples does he give?

10. How does the author of the Foreword describe Charles Wheelan's approach to explaining economics in "Naked Economics: Undressing the Dismal Science"?

(see the answer keys)

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