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

Multiple Choice Questions

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

2. 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) Recession.
(b) Inflation.
(c) Interest.
(d) Productivity.

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

4. 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) 10% to 20%.
(b) 15% to 25%.
(c) 30% to 50%.
(d) 50% to 75%.

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

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

7. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?
(a) $0.60.
(b) $0.25.
(c) $0.50.
(d) $0.75.

8. What refers to economy-wide fluctuations in production or economic activity over several months or years?
(a) Depression.
(b) Trade-off.
(c) Recession.
(d) Business cycle.

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

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. 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 third?
(a) Unemployment.
(b) Income inequality.
(c) Current account surplus/deficit.
(d) National savings.

12. 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) Quality of life.
(c) Utility costs.
(d) Environmental degradation.

13. What does HDI stand for?
(a) Human Development Index.
(b) Habitat Degradation Index.
(c) Hereditary Disease Index.
(d) Hunger Depletion Index.

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

15. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?
(a) $7.
(b) $2.
(c) $4.
(d) $11.

Short Answer Questions

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

2. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?

3. Mark Miringhoff believes the nation should have what, as described in Chapter 9?

4. What is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically?

5. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?

(see the answer keys)

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