|Name: _________________________||Period: ___________________|
This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. In 1900, the average wage was how much per hour according to the author in Chapter 9?
(a) 14.8 cents.
(b) 23.7 cents.
(c) 32.8 cents.
(d) 54.2 cents.
2. According to the author in Chapter 11, the problem with this gold standard was the central bank could do what?
(a) Devalue the currency.
(b) Manipulate exchange rates.
(c) Require collateral.
(d) Charge interest.
3. When did President Jefferson suspend the minting of silver coins in the U.S.?
4. What refers to economy-wide fluctuations in production or economic activity over several months or years?
(a) Business cycle.
5. What does IMF stand for?
(a) Internal Military Fund.
(b) International Monetary Fund.
(c) Insecure Management Fund.
(d) Insightful Money Framework.
Short Answer Questions
1. Of the top 25 polluted cities in the world, how many are in China according to the author?
2. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?
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 seventh?
4. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?
5. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?
Short Essay Questions
1. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?
2. How does the author describe the results of the United Nations Monetary and Financial Conference in Chapter 11?
3. What does the GDP not factor in, according to the author in Chapter 9?
4. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?
5. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?
6. How is the decline of Iceland's economy described in Chapter 11?
7. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?
8. In the example given in Chapter 11 of Argentina borrowing the reputation of the U.S., what was the outcome?
9. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?
10. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?
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