|Name: _________________________||Period: ___________________|
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 first?
(b) National savings.
(c) Total national happiness.
2. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?
3. The GDP does not consider economic activity that is what, according to the author in Chapter 9?
4. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?
5. 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.
6. In finance, what between two currencies is the rate at which one currency will be exchanged for another?
(c) Exchange rate.
7. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?
8. What does IMF stand for?
(a) Insightful Money Framework.
(b) Internal Military Fund.
(c) International Monetary Fund.
(d) Insecure Management Fund.
9. 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.
10. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
(a) The market.
(c) Maximizing utility.
(d) The divide between the rich and the poor.
11. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?
(a) Perverse incentives.
(b) Public policy.
(c) Deductive reasoning.
(d) Pork barrel.
12. 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?
(a) Income inequality.
13. Charles Wheelan graduated from what educational institution?
(a) Dartmouth College.
(b) University of Chicago.
(c) Yale University.
(d) Harvard University.
14. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?
(a) Light currency.
(b) Hard currency.
(c) Dark currency.
(d) Soft currency.
15. Mark Miringhoff believes the nation should have what, as described in Chapter 9?
(a) More laws on bankers.
(b) A "social report card."
(c) An army, navy, and airforce.
(d) A "portfolio of morals."
Short Answer Questions
1. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?
2. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?
3. 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?
4. The author writes that trade helps the economy by doing what, in Chapter 12?
5. 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?
This section contains 519 words
(approx. 2 pages at 300 words per page)