|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?
2. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?
(a) National savings.
(b) Income inequality.
(c) Current account surplus/deficit.
(d) Total national happiness.
3. Mark Miringhoff is a social science professor at what institution?
(a) Fordham University.
(b) Harvard University.
(c) The University of Alaska.
(d) The University of Chicago.
4. In 1900, the average wage was how much per hour according to the author in Chapter 9?
(a) 54.2 cents.
(b) 14.8 cents.
(c) 23.7 cents.
(d) 32.8 cents.
5. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?
6. What is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation?
7. Who gave out free medication in order to help the fight against leprosy, according to the author in Chapter 9?
(a) The World Health Organization.
(b) The Bill and Melinda Gates Foundation.
(c) The University of Chicago.
(d) The Food and Drug Administration.
8. According to the author in Chapter 12, studies show that globalizing countries had what percentage higher growth rate than other countries that were less integrated in the world economy?
(a) 10% to 20%.
(b) 30% to 50%.
(c) 15% to 25%.
(d) 50% to 75%.
9. What does ERM stand for?
(a) Environmental Rarity Market.
(b) Education Resource Mechanism.
(c) European Exchange Rate Mechanism.
(d) Electronic Remanufacturing Market.
10. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?
(a) Charles de Gaulle.
(b) François Mitterrand.
(c) Nicholas Sarkozy.
(d) Jacques Chirac.
11. In economics, what is a sustained, long-term downturn in economic activity in one or more economies?
(a) Business cycle.
12. Where does the author live and work today?
(a) Chicago, Illinois.
(b) Phoenix, Arizona.
(c) Minneapolis, Minnesota.
(d) San Francisco, California.
13. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
(a) Maximizing utility.
(b) The market.
(c) The divide between the rich and the poor.
14. What does HDI stand for?
(a) Habitat Degradation Index.
(b) Hunger Depletion Index.
(c) Hereditary Disease Index.
(d) Human Development Index.
15. What refers to economy-wide fluctuations in production or economic activity over several months or years?
(b) Business cycle.
Short Answer Questions
1. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?
2. 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 third?
3. What is the process of contracting a business function to someone else?
4. The GDP does not consider economic activity that is what, according to the author in Chapter 9?
5. Where did Charles Wheelan earn a PhD in public policy?
This section contains 490 words
(approx. 2 pages at 300 words per page)