View a FREE sample

This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the second?
(a) Maximizing utility.
(b) Productivity.
(c) The divide between the rich and the poor.
(d) The market.

2. 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?
(a) 100,000.
(b) 35,000.
(c) 70,000.
(d) 50,000.

3. Mark Miringhoff is a social science professor at what institution?
(a) Harvard University.
(b) The University of Alaska.
(c) Fordham University.
(d) The University of Chicago.

4. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?
(a) Hard currency.
(b) Soft currency.
(c) Dark currency.
(d) Light currency.

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 fifth?
(a) Budget deficit/surplus.
(b) Poverty.
(c) Demographics.
(d) Income inequality.

6. Charles Wheelan graduated from what educational institution?
(a) Harvard University.
(b) University of Chicago.
(c) Dartmouth College.
(d) Yale University.

7. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?
(a) Total national happiness.
(b) Income inequality.
(c) National savings.
(d) Current account surplus/deficit.

8. When was the Federal Reserve Act enacted?
(a) 1913.
(b) 1776.
(c) 1812.
(d) 1892.

9. What refers to economy-wide fluctuations in production or economic activity over several months or years?
(a) Business cycle.
(b) Recession.
(c) Trade-off.
(d) Depression.

10. 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?
(a) National savings.
(b) Total national happiness.
(c) Current account surplus/deficit.
(d) Demographics.

11. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?
(a) Michigan.
(b) New Hampshire.
(c) Rhode Island.
(d) Missouri.

12. What term refers to currency with no international value?
(a) Monopoly money.
(b) Vouchers.
(c) Fast cash.
(d) Funny money.

13. The author writes that trade helps the economy by doing what, in Chapter 12?
(a) Encouraging sales and special offers.
(b) Increasing the quality of goods.
(c) Lowering the cost of goods for consumers.
(d) Making goods more abundant.

14. Of the top 25 polluted cities in the world, how many are in China according to the author?
(a) 24.
(b) 16.
(c) 9.
(d) 5.

15. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?
(a) The Economist.
(b) The Wall Street Journal.
(c) Investors Business Daily.
(d) The Economic Times.

Short Answer Questions

1. Mark Miringhoff believes the nation should have what, as described in Chapter 9?

2. What is the process of contracting a business function to someone else?

3. The delegates at the United Nations Monetary and Financial Conference created the World Bank, which is owned by how many member countries?

4. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?

5. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?

(see the answer keys)

This section contains 487 words (approx. 2 pages at 300 words per page) View a FREE sample