View a FREE sample

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

Multiple Choice Questions

1. 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) Deductive equation.
(c) Derivative equation.
(d) Depression equation.

2. Where did politicians try to deal with the level of pollution by limiting driving based on license plate numbers, according to the author in Chapter 2?
(a) Pyongyang.
(b) Mexico City.
(c) London.
(d) New York.

3. According to the author, financial markets boil down to four basic simple needs. What is the first discussed in Chapter 7?
(a) Speculation.
(b) Storing, protecting and making profitable use of excess capital.
(c) Insuring against risk.
(d) Raising capital.

4. When did the Korean War end?
(a) 1970.
(b) 1953.
(c) 1962.
(d) 1966.

5. What contends that prices of publicly traded assets reflect all publicly available information?
(a) Supply and demand.
(b) Adverse selection.
(c) The uniform pay scale.
(d) The efficient market hypothesis.

Short Answer Questions

1. In finance, what is a debt security in which the authorized issuer owes the holders a debt and, depending on the terms, is obliged to pay interest to use and/or to repay the principal at a later date?

2. According to the author, there are two lessons to be learned from a monopoly situation. What is the second?

3. According to the author, financial markets boil down to four basic simple needs. What is the second discussed in Chapter 7?

4. The Cuban Revolution deposed what dictator?

5. According to the author, insurance companies want to save money while doctors want to help patients and avoid what?

Short Essay Questions

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

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

3. What is a "diversified portfolio"? What does the author state regarding this in Chapter 7?

4. Who wrote the book's Foreword? What does this individual say regarding the perception of economics and economists?

5. Discuss the importance of information in economics. How does the author address the issue of information in Chapter 4?

6. How does human capital relate to productivity? How does this in turn reflect the economic well-being of a nation, according to the author in Chapter 6?

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

8. What solution does the author consider for the problem with the black rhinoceros in Chapter 2?

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

10. 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?

(see the answer keys)

This section contains 1,018 words (approx. 4 pages at 300 words per page) View a FREE sample