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

Multiple Choice Questions

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

2. What is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market?
(a) Inflationary exchange rate.
(b) Subsidized exchange rate.
(c) Floating exchange rate.
(d) Interdependent exchange rate.

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

4. When did President Jefferson suspend the minting of silver coins in the U.S.?
(a) 1815.
(b) 1822.
(c) 1806.
(d) 1796.

5. What is a Latin prepositional phrase meaning "by heads"?
(a) Et cetera.
(b) In Unum.
(c) E Pluribus Unum.
(d) Per capita.

6. 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) Overemployment.
(c) Underemployment.
(d) Unemployment.

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

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

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

10. When did the United Nations Monetary and Financial Conference take place?
(a) 1970.
(b) 1944.
(c) 1932.
(d) 1961.

11. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?
(a) New Hampshire.
(b) Rhode Island.
(c) Missouri.
(d) Michigan.

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

13. Charles Wheelan was an unsuccessful Democratic candidate in the special election for Illinois's 5th congressional district, the seat vacated by whom?
(a) Barack Obama.
(b) Abraham Lincoln.
(c) Bill Clinton.
(d) Rahm Emanuel.

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

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

Short Answer 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?

2. The United Nations Monetary and Financial Conference was a gathering of delegates from how many nations?

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

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 does GDP stand for?

(see the answer keys)

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