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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. When did President Jefferson suspend the minting of silver coins in the U.S.?
2. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?
(a) Dark currency.
(b) Light currency.
(c) Soft currency.
(d) Hard currency.
3. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
(a) The market.
(b) Maximizing utility.
(c) The divide between the rich and the poor.
4. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?
5. According to the author in Chapter 11, the problem with this gold standard was the central bank could do what?
(a) Charge interest.
(b) Manipulate exchange rates.
(c) Devalue the currency.
(d) Require collateral.
Short Answer Questions
1. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?
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 first?
3. What refers to economy-wide fluctuations in production or economic activity over several months or years?
4. In economics, what is a sustained, long-term downturn in economic activity in one or more economies?
5. According to the author in Chapter 13, when it comes to gaining economic power, it's best to avoid what, which depletes resources and limits education?
Short Essay Questions
1. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?
2. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?
3. How does the author describe the results of the United Nations Monetary and Financial Conference in Chapter 11?
4. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?
5. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?
6. What does the author remark about globalization in the beginning of Chapter 12? What are the benefits of global trade?
7. What does the GDP not factor in, according to the author in Chapter 9?
8. What is the ERM? What is its role according to the author in Chapter 11?
9. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?
10. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?
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