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

Multiple Choice Questions

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

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

3. What, as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks?
(a) Retirement.
(b) Underemployment.
(c) Unemployment.
(d) Overemployment.

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

5. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the second?
(a) Productivity.
(b) The market.
(c) Maximizing utility.
(d) The divide between the rich and the poor.

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

7. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?
(a) 14.
(b) 2.
(c) 10.
(d) 5.

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) 1883.
(b) 1848.
(c) 1875.
(d) 1822.

9. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?
(a) Current account surplus/deficit.
(b) National savings.
(c) Income inequality.
(d) Total national happiness.

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

11. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
(a) Productivity.
(b) Maximizing utility.
(c) The market.
(d) The divide between the rich and the poor.

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

13. 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) Inflation.
(b) Happiness.
(c) Political unrest.
(d) Productivity.

14. According to the author in Chapter 11, the problem with this gold standard was the central bank could do what?
(a) Require collateral.
(b) Devalue the currency.
(c) Charge interest.
(d) Manipulate exchange rates.

15. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?
(a) Dark currency.
(b) Light currency.
(c) Hard currency.
(d) Soft currency.

Short Answer Questions

1. What does GDP stand for?

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

3. Charles Wheelan graduated from what educational institution?

4. 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?

5. What is a Latin prepositional phrase meaning "by heads"?

(see the answer keys)

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