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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. What does the author refer to as a situation where individuals work in their own best interest, leading to an improved standard of living for society in general?
(a) Capitalism.
(b) Communism.
(c) Money market.
(d) Asset allocation.

2. 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.

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 form of tourism involving visiting fragile, pristine, and usually protected areas, intended as a low impact and often small scale alternative to standard commercial tourism?
(a) Hippytourism.
(b) Nativetourism.
(c) Ecotourism.
(d) Geotourism.

5. What refers to the increasingly global relationships of culture, people and economic activity?
(a) Monopoly.
(b) Globalization.
(c) Slavery.
(d) Consolidation.

Short Answer Questions

1. According to the author, the Hope Scholarships were a plan wherein students could borrow money for college and pay back their loans after they graduated using what?

2. Michael Jensen refers to company stock options as what in Chapter 2?

3. What, according to the author, motivates talented teachers to leave to go onto other professions?

4. What does OPEC stand for?

5. 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?

Short Essay Questions

1. How is the black rhinoceros described in Chapter 2? What are the horns of the animal worth in Yemen, and why?

2. 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?

3. How does the author address the question of "getting rich quickly" in the market in Chapter 7?

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

5. How does the author describe the tactics used by OPEC in Chapter 1?

6. How is adverse selection described in the example of Hope Scholarships in Chapter 4?

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

8. What stereotypical scene does the author depict of an economics student in the Introduction?

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

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

(see the answer keys)

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