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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay 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 second?
(c) Income inequality.
(d) National savings.
2. The U.S. adopted a silver standard based on the Spanish milled dollar in what year?
3. 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?
4. When did the California Gold Rush begin?
5. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
(a) Maximizing utility.
(c) The market.
(d) The divide between the rich and the poor.
Short Answer Questions
1. Mark Miringhoff believes the nation should have what, as described in Chapter 9?
2. 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?
3. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?
4. In 1900, the average wage was how much per hour according to the author in Chapter 9?
5. Mark Miringhoff is a social science professor at what institution?
Short Essay Questions
1. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?
2. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?
3. How are the complications of international exchange rates described in Chapter 11?
4. What can be seen about the American economy by looking at the GDP, as illustrated in Chapter 9?
5. How is the gold standard described in Chapter 11? What is the problem with the gold standard?
6. What is the ERM? What is its role according to the author in Chapter 11?
7. Discuss the relationship between wealth and happiness. How is this illustrated in Chapter 9?
8. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?
9. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?
10. How are fixed exchange rates defined and described in Chapter 11?
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