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

Multiple Choice Questions

1. 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 eighth?
(a) Demographics.
(b) Income inequality.
(c) Poverty.
(d) Unemployment.

2. In 1900, the average wage was how much per hour according to the author in Chapter 9?
(a) 14.8 cents.
(b) 54.2 cents.
(c) 32.8 cents.
(d) 23.7 cents.

3. When did the California Gold Rush begin?
(a) 1862.
(b) 1912.
(c) 1969.
(d) 1849.

4. In economics, what is a sustained, long-term downturn in economic activity in one or more economies?
(a) Depression.
(b) Business cycle.
(c) Recession.
(d) Trade-off.

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

6. According to the author in Chapter 13, some argue that high temperatures and heavy rainfall yield poor food production and and increase in what, therefore limiting a location's ability to create a thriving economy?
(a) Floods.
(b) Dust.
(c) Predator species.
(d) Disease.

7. Where did Charles Wheelan earn a PhD in public policy?
(a) The Harris School.
(b) Yale University.
(c) Harvard University.
(d) Dartmouth College.

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

9. What is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation?
(a) Collateral.
(b) Derivative.
(c) Property.
(d) Investment.

10. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?
(a) $15.
(b) $18.
(c) $9.
(d) $13.

11. According to the author in Chapter 12, studies show that globalizing countries had what percentage higher growth rate than other countries that were less integrated in the world economy?
(a) 50% to 75%.
(b) 10% to 20%.
(c) 15% to 25%.
(d) 30% to 50%.

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

13. What is a Latin prepositional phrase meaning "by heads"?
(a) Et cetera.
(b) In Unum.
(c) Per capita.
(d) E Pluribus Unum.

14. 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) Quality of life.
(d) Environmental degradation.

15. What is an assistance paid to a business or economic sector?
(a) Subsidy.
(b) Interest.
(c) Collateral.
(d) Derivative.

Short Answer Questions

1. Charles Wheelan graduated from what educational institution?

2. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?

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 second?

4. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?

5. When did President Jefferson suspend the minting of silver coins in the U.S.?

(see the answer keys)

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