View a FREE sample

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

Multiple Choice Questions

1. 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?
(a) Inflation.
(b) Extention.
(c) War.
(d) Deflation.

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 second?
(a) Poverty.
(b) Demographics.
(c) National savings.
(d) Income inequality.

3. What does GDP stand for?
(a) Gross Domestic Product.
(b) Gain and Drain Portfolio.
(c) Gems and Diamonds Per capita.
(d) Geographic Diversity Plot.

4. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?
(a) Spain.
(b) Canada.
(c) Japan.
(d) India.

5. The delegates at the United Nations Monetary and Financial Conference created the World Bank, which is owned by how many member countries?
(a) 183.
(b) 59.
(c) 85.
(d) 114.

6. What, as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks?
(a) Retirement.
(b) Unemployment.
(c) Overemployment.
(d) Underemployment.

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

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

9. 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 fourth?
(a) Income inequality.
(b) Unemployment.
(c) Size of the government.
(d) National savings.

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

11. What is the process of contracting a business function to someone else?
(a) Managing.
(b) Investing.
(c) Motivation.
(d) Outsourcing.

12. The U.S. adopted a silver standard based on the Spanish milled dollar in what year?
(a) 1835.
(b) 1785.
(c) 1802.
(d) 1866.

13. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?
(a) Public policy.
(b) Pork barrel.
(c) Perverse incentives.
(d) Deductive reasoning.

14. Charles Wheelan was an unsuccessful Democratic candidate in the special election for Illinois's 5th congressional district, the seat vacated by whom?
(a) Bill Clinton.
(b) Rahm Emanuel.
(c) Barack Obama.
(d) Abraham Lincoln.

15. The Chinese GDP has grown substantially over the past decade, yet its success is correlated to what, according to the author in Chapter 9?
(a) Interest payments.
(b) Utility costs.
(c) Environmental degradation.
(d) Quality of life.

Short Answer Questions

1. What publication commented on the French president's desire to come up with a way to measure human happiness, saying that it's like asking experts to put a number on spiritual matters?

2. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the first?

3. What is a Latin prepositional phrase meaning "by heads"?

4. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?

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

(see the answer keys)

This section contains 553 words (approx. 2 pages at 300 words per page) View a FREE sample