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

Multiple Choice Questions

1. Charles Wheelan graduated from what educational institution?
(a) University of Chicago.
(b) Yale University.
(c) Dartmouth College.
(d) Harvard University.

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

3. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?
(a) Deductive reasoning.
(b) Pork barrel.
(c) Perverse incentives.
(d) Public policy.

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?
(a) Budget deficit/surplus.
(b) Poverty.
(c) Income inequality.
(d) Demographics.

5. 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?
(a) The Juche Idea.
(b) Protectionism.
(c) Exchange rate.
(d) Capitalism.

6. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?
(a) Pork barrel.
(b) Deductive reasoning.
(c) Public policy.
(d) Perverse incentives.

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

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

9. 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) Collateral.
(c) Investment.
(d) Derivative.

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

11. Incomes rose between 1970 and 1999, yet those who described themselves as as "very happy" decreased from 36% to what?
(a) 29%.
(b) 44%.
(c) 62%.
(d) 14%.

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

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

14. India has a very low GDP per capita, and it also has over how many cases of leprosy according to the author in Chapter 9?
(a) 100,000.
(b) 50,000.
(c) 70,000.
(d) 35,000.

15. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?
(a) 1875.
(b) 1883.
(c) 1848.
(d) 1822.

Short Answer 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 fourth?

2. What does HDI stand for?

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

4. The author writes that trade helps the economy by doing what, in Chapter 12?

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

(see the answer keys)

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