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

Multiple Choice Questions

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

2. When was the Federal Reserve Act enacted?
(a) 1776.
(b) 1913.
(c) 1812.
(d) 1892.

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

4. 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) Underemployment.
(b) Retirement.
(c) Unemployment.
(d) Overemployment.

5. The United Nations Monetary and Financial Conference was commonly known as what?
(a) The Yosemite Falls conference.
(b) The Bretton Woods conference.
(c) The San Diego conference.
(d) The New York and Europe conference.

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

7. When did the Great Depression begin in the United States?
(a) 1918.
(b) 1905.
(c) 1886.
(d) 1929.

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

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

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

11. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?
(a) Gresham's law.
(b) Legislation.
(c) Hedge.
(d) Trade-off.

12. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?
(a) Hedge.
(b) Interest.
(c) Collateral.
(d) Subsidy.

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

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

15. In finance, what between two currencies is the rate at which one currency will be exchanged for another?
(a) Exchange rate.
(b) Deductible.
(c) Devaluation.
(d) Collateral.

Short Answer Questions

1. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?

2. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?

3. 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?

4. The U.S. adopted a silver standard based on the Spanish milled dollar in what year?

5. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?

(see the answer keys)

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