|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. In many countries, the negative effects of the Great Depression lasted until the start of what?
(a) World War II.
(b) World War I.
(d) The Korean War.
2. What is an economic principle that states "Bad money drives out good"?
(a) Gresham's law.
(b) The uniform pay scale.
(c) Adverse selection.
(d) The Juche Idea.
3. The United Nations Monetary and Financial Conference was commonly known as what?
(a) The San Diego conference.
(b) The New York and Europe conference.
(c) The Bretton Woods conference.
(d) The Yosemite Falls conference.
4. 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?
(c) Predator species.
5. 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.
6. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?
(a) Perverse incentives.
(b) Gresham's law.
(d) The business cycle.
7. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?
(a) Deductive reasoning.
(b) Public policy.
(c) Perverse incentives.
(d) Pork barrel.
8. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?
(a) National savings.
(b) Income inequality.
(c) Current account surplus/deficit.
(d) Total national happiness.
9. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?
10. 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?
(b) The Juche Idea.
(c) Exchange rate.
11. What does IMF stand for?
(a) Insecure Management Fund.
(b) International Monetary Fund.
(c) Internal Military Fund.
(d) Insightful Money Framework.
12. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?
13. 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?
14. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?
(a) Pork barrel.
(b) Deductive reasoning.
(c) Public policy.
(d) Perverse incentives.
15. In finance, what between two currencies is the rate at which one currency will be exchanged for another?
(c) Exchange rate.
Short Answer Questions
1. In economics, what refers to a general slowdown in economic activity?
2. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?
3. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?
4. Nonperforming loans and bad investments caused the banks to suffer in Iceland, and by the fall of 2008, how many major banks in the country were defunct according to the author in Chapter 11?
5. Where does the author live and work today?
This section contains 524 words
(approx. 2 pages at 300 words per page)