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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. In order to get a true understanding of an economy, there are nine factors one should consider along with the GDP according to the author in Chapter 9. What is the fifth?
(a) Poverty.
(b) Budget deficit/surplus.
(c) Income inequality.
(d) Demographics.

2. According to the author in Chapter 11, the problem with this gold standard was the central bank could do what?
(a) Require collateral.
(b) Manipulate exchange rates.
(c) Charge interest.
(d) Devalue the currency.

3. Mark Miringhoff believes the nation should have what, as described in Chapter 9?
(a) A "social report card."
(b) An army, navy, and airforce.
(c) A "portfolio of morals."
(d) More laws on bankers.

4. When was the first edition of "Naked Economics: Undressing the Dismal Science" published?
(a) 1995.
(b) 2006.
(c) 1997.
(d) 2002.

5. What is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically?
(a) Protectionism.
(b) Capitalism.
(c) The Juche Idea.
(d) Exchange rate.

6. According to the author in Chapter 13, when it comes to gaining economic power, it's best to avoid what, which depletes resources and limits education?
(a) Deflation.
(b) Inflation.
(c) Extention.
(d) War.

7. What term refers to currency with no international value?
(a) Fast cash.
(b) Monopoly money.
(c) Vouchers.
(d) Funny money.

8. Who gave out free medication in order to help the fight against leprosy, according to the author in Chapter 9?
(a) The Food and Drug Administration.
(b) The Bill and Melinda Gates Foundation.
(c) The World Health Organization.
(d) The University of Chicago.

9. The benefit of the HDI in comparison to the GDP is that the GDP does not measure what, according to the author in Chapter 9?
(a) Happiness.
(b) Productivity.
(c) Political unrest.
(d) Inflation.

10. When did President Jefferson suspend the minting of silver coins in the U.S.?
(a) 1806.
(b) 1815.
(c) 1796.
(d) 1822.

11. What is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market?
(a) Inflationary exchange rate.
(b) Interdependent exchange rate.
(c) Floating exchange rate.
(d) Subsidized exchange rate.

12. Mark Miringhoff is a social science professor at what institution?
(a) Harvard University.
(b) Fordham University.
(c) The University of Alaska.
(d) The University of Chicago.

13. According to the author in Chapter 13, some argue that high temperatures and heavy rainfall yield poor food production and and increase in what, therefore limiting a location's ability to create a thriving economy?
(a) Floods.
(b) Disease.
(c) Predator species.
(d) Dust.

14. In finance, what between two currencies is the rate at which one currency will be exchanged for another?
(a) Deductible.
(b) Devaluation.
(c) Exchange rate.
(d) Collateral.

15. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?
(a) Collateral.
(b) Subsidy.
(c) Hedge.
(d) Interest.

Short Answer Questions

1. The GDP does not consider economic activity that is what, according to the author in Chapter 9?

2. What country had a bad reputation so it's government created a currency board ensuring that each of its pesos was worth one United States dollar?

3. In economics, what is a rise in the general level of prices of goods and services in an economy over a period of time?

4. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?

5. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?

(see the answer keys)

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