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

Multiple Choice Questions

1. 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) 1 billion.
(c) 800 million.
(d) 100 million.

2. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?
(a) Interdependent.
(b) Impoverished.
(c) Self-sufficient.
(d) Diverse.

3. What does ERM stand for?
(a) Education Resource Mechanism.
(b) Environmental Rarity Market.
(c) Electronic Remanufacturing Market.
(d) European Exchange Rate Mechanism.

4. 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) 3.
(b) 5.
(c) 12.
(d) 8.

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

6. 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) Extention.
(b) Inflation.
(c) War.
(d) Deflation.

7. 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) 50,000.
(b) 70,000.
(c) 35,000.
(d) 100,000.

8. 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) Inflation.
(b) Collateral.
(c) Interest.
(d) Deflation.

9. What is an economic principle that states "Bad money drives out good"?
(a) Adverse selection.
(b) The Juche Idea.
(c) The uniform pay scale.
(d) Gresham's law.

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

11. Mark Miringhoff believes the nation should have what, as described in Chapter 9?
(a) A "portfolio of morals."
(b) More laws on bankers.
(c) A "social report card."
(d) An army, navy, and airforce.

12. Who gave out free medication in order to help the fight against leprosy, according to the author in Chapter 9?
(a) The Bill and Melinda Gates Foundation.
(b) The University of Chicago.
(c) The World Health Organization.
(d) The Food and Drug Administration.

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

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

15. The United Nations Monetary and Financial Conference was a gathering of delegates from how many nations?
(a) 44.
(b) 25.
(c) 38.
(d) 31.

Short Answer Questions

1. 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?

2. 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?

3. What term refers to currency with no international value?

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

5. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?

(see the answer keys)

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