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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. What is the capital of the Democratic People's Republic of Korea?

2. OPEC has maintained its headquarters where since 1965?

3. Behavioral economics intertwine economics and what?

4. What does CEO stand for?

5. When was Burton G. Malkiel born?

Short Essay Questions

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

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

3. How does the author describe Douglas Ivester's marketing tactic in Chapter 1?

4. What examples does the author give for the uninformed relaying false information in the Introduction?

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

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

7. What investment tactic is recommended for the average investor without much expertise in the market in Chapter 7?

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

9. What are the second through fourth of the basic needs the author boils down for investment markets in Chapter 7?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss the use of stock options as a means to develop company loyalty. Why does Michael Jenson oppose stock options? What does he refer to them as in Chapter 2? What, according to the author, motivates talented teachers to leave to go onto other professions?

Essay Topic 2

Discuss the career of economist Burton G. Malkiel and the efficient market hypothesis. When was the efficient market hypothesis developed? What ideas are presented in Malkiel's "A Random Walk Down Wall Street"? What does Malkiel write in the Forward to "Naked Economics: Undressing the Dismal Science"?

Essay Topic 3

Define and discuss stock averages and index funds. What are mutual funds and how are they implemented in an investment strategy? What are ways suggested by the author to minimize risk when investing? What is "insider trading" and how does it impact the economy as a whole?

(see the answer keys)

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