View a FREE sample

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

2. 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?
(a) Investors Business Daily.
(b) The Economist.
(c) The Economic Times.
(d) The Wall Street Journal.

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

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

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

6. 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) Demographics.
(b) Poverty.
(c) Income inequality.
(d) National savings.

7. 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) Property.
(b) Derivative.
(c) Collateral.
(d) Investment.

8. What does IMF stand for?
(a) International Monetary Fund.
(b) Insecure Management Fund.
(c) Internal Military Fund.
(d) Insightful Money Framework.

9. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?
(a) The business cycle.
(b) Trade-off.
(c) Gresham's law.
(d) Perverse incentives.

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

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. In economics, what is a rise in the general level of prices of goods and services in an economy over a period of time?
(a) Productivity.
(b) Inflation.
(c) Interest.
(d) Recession.

13. What does FX stand for?
(a) Futures Axiom.
(b) Foreign Exchange Market.
(c) Finacial Extreme.
(d) Fiscal Axiom.

14. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?
(a) Charles de Gaulle.
(b) Nicholas Sarkozy.
(c) Jacques Chirac.
(d) François Mitterrand.

15. In economics, what refers to a general slowdown in economic activity?
(a) Trade-off.
(b) Recession.
(c) Business cycle.
(d) Depression.

Short Answer Questions

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

2. 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?

3. 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?

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

5. Mark Miringhoff is a social science professor at what institution?

(see the answer keys)

This section contains 533 words (approx. 2 pages at 300 words per page) View a FREE sample