|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?
(a) Dark currency.
(b) Soft currency.
(c) Light currency.
(d) Hard currency.
2. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the first?
(a) The divide between the rich and the poor.
(b) Maximizing utility.
(d) The market.
3. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?
(a) Current account surplus/deficit.
(b) Income inequality.
(c) Total national happiness.
(d) National savings.
4. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?
(a) New Hampshire.
(b) Rhode Island.
5. 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?
6. What is an economic principle that states "Bad money drives out good"?
(a) The uniform pay scale.
(b) The Juche Idea.
(c) Gresham's law.
(d) Adverse selection.
7. What term refers to currency with no international value?
(a) Fast cash.
(b) Funny money.
(d) Monopoly money.
8. 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) Income inequality.
(c) Budget deficit/surplus.
9. India has a very low GDP per capita, and it also has over how many cases of leprosy according to the author in Chapter 9?
10. What does IMF stand for?
(a) International Monetary Fund.
(b) Internal Military Fund.
(c) Insightful Money Framework.
(d) Insecure Management Fund.
11. What publication commented on the French president's desire to come up with a way to measure human happiness, saying that it's like asking experts to put a number on spiritual matters?
(a) Investors Business Daily.
(b) The Economic Times.
(c) The Economist.
(d) The Wall Street Journal.
12. When did the United Nations Monetary and Financial Conference take place?
13. 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 eighth?
(d) Income inequality.
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) Public policy.
(b) Perverse incentives.
(c) Deductive reasoning.
(d) Pork barrel.
15. Where does the author live and work today?
(a) Minneapolis, Minnesota.
(b) San Francisco, California.
(c) Phoenix, Arizona.
(d) Chicago, Illinois.
Short Answer Questions
1. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?
2. The U.S. adopted a silver standard based on the Spanish milled dollar in what year?
3. When did President Jefferson suspend the minting of silver coins in the U.S.?
4. What does GDP stand for?
5. The United Nations Monetary and Financial Conference was commonly known as what?
This section contains 508 words
(approx. 2 pages at 300 words per page)