|Name: _________________________||Period: ___________________|
This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. What term refers to currency with no international value?
(a) Monopoly money.
(c) Funny money.
(d) Fast cash.
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 seventh?
(b) Total national happiness.
(c) National savings.
(d) Current account surplus/deficit.
3. In finance, what between two currencies is the rate at which one currency will be exchanged for another?
(b) Exchange rate.
4. What does IMF stand for?
(a) Internal Military Fund.
(b) Insightful Money Framework.
(c) International Monetary Fund.
(d) Insecure Management Fund.
5. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the second?
(a) The market.
(b) The divide between the rich and the poor.
(c) Maximizing utility.
Short Answer Questions
1. What is a Latin prepositional phrase meaning "by heads"?
2. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?
3. 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?
4. The delegates at the United Nations Monetary and Financial Conference created the World Bank, which is owned by how many member countries?
5. 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 third?
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 address the issues of outsourcing in Chapter 12?
3. How do poor countries benefit by outsourcing and global trade, as described by the author in Chapter 12?
4. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?
5. In the example given in Chapter 11 of Argentina borrowing the reputation of the U.S., what was the outcome?
6. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?
7. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?
8. Discuss the relationship between wealth and happiness. How is this illustrated in Chapter 9?
9. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?
10. How does the author address the issue of protectionism in Chapter 12?
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