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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 first?
(a) Poverty.
(b) Unemployment.
(c) Total national happiness.
(d) National savings.

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

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

4. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?
(a) Deflation.
(b) Inflation.
(c) Collateral.
(d) Interest.

5. Where does the author live and work today?
(a) Phoenix, Arizona.
(b) San Francisco, California.
(c) Chicago, Illinois.
(d) Minneapolis, Minnesota.

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

7. In Chapter 13, the author states that according to the United Nations Food and Agriculture Organization, over how many people in this world don't get enough to eat?
(a) 350 million.
(b) 800 million.
(c) 100 million.
(d) 1 billion.

8. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?
(a) 1822.
(b) 1883.
(c) 1875.
(d) 1848.

9. 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) Deflation.
(d) War.

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

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

12. Nonperforming loans and bad investments caused the banks to suffer in Iceland, and by the fall of 2008, how many major banks in the country were defunct according to the author in Chapter 11?
(a) 5.
(b) 3.
(c) 8.
(d) 12.

13. The GDP does not consider economic activity that is what, according to the author in Chapter 9?
(a) Unpaid.
(b) Deductible.
(c) Subsidized.
(d) Interdependent.

14. The benefit of the HDI in comparison to the GDP is that the GDP does not measure what, according to the author in Chapter 9?
(a) Productivity.
(b) Inflation.
(c) Happiness.
(d) Political unrest.

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

Short Answer Questions

1. What country had a bad reputation so it's government created a currency board ensuring that each of its pesos was worth one United States dollar?

2. What does ERM stand for?

3. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?

4. In economics, what is a rise in the general level of prices of goods and services in an economy over a period of time?

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

(see the answer keys)

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