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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. Cuba remained a territory of Spain until the Spanish-American War ended in what year?
(a) 1862.
(b) 1841.
(c) 1898.
(d) 1913.
2. What is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities?
(a) Index fund.
(b) Mutual fund.
(c) Foreign Exchange Market.
(d) Asset allocation.
3. What is a term used in economics that refers to a market process in which "bad" results occur when buyers and sellers have asymmetric information?
(a) Pork barrel.
(b) Adverse selection.
(c) Asset allocation.
(d) Gresham's law.
4. What represents the original capital paid into or invested in the business by its founders?
(a) Collateral.
(b) Pork barrel.
(c) Bond.
(d) Stock.
5. Who introduced the Hope credit?
(a) George W. Bush.
(b) John F. Kennedy.
(c) Bill Clinton.
(d) Ronald Reagan.
Short Answer Questions
1. What, according to the author, motivates talented teachers to leave to go onto other professions?
2. 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?
3. Michael Jensen is a professor at what university's business school?
4. What is generally a fungible, negotiable financial instrument representing financial value?
5. OPEC is an intergovernmental organization of how many oil-producing countries?
Short Essay Questions
1. How does the author describe the tactics used by OPEC in Chapter 1?
2. How does the author describe the concept of maximizing profits in Chapter 1? What examples does he give?
3. How does the author address the question of "getting rich quickly" in the market in Chapter 7?
4. How does the author of the Foreword describe Charles Wheelan's approach to explaining economics in "Naked Economics: Undressing the Dismal Science"?
5. What stereotypical scene does the author depict of an economics student in the Introduction?
6. What examples does the author give for the uninformed relaying false information in the Introduction?
7. How has the market economy contributed to a higher standard of living in America, according to the author in Chapter 1?
8. What do economists assume about human nature and motivation, according to the author in Chapter 1?
9. How is the question of income security answered by the author in Chapter 6?
10. How is the black rhinoceros described in Chapter 2? What are the horns of the animal worth in Yemen, and why?
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This section contains 918 words (approx. 4 pages at 300 words per page) |
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