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

Multiple Choice Questions

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

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

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

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

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

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 seventh?
(a) Total national happiness.
(b) Current account surplus/deficit.
(c) Demographics.
(d) National savings.

7. 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) Utility costs.
(b) Environmental degradation.
(c) Quality of life.
(d) Interest payments.

8. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?
(a) Soft currency.
(b) Light currency.
(c) Dark currency.
(d) Hard currency.

9. 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) Deductive reasoning.
(b) Pork barrel.
(c) Public policy.
(d) Perverse incentives.

10. 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) Missouri.
(c) Rhode Island.
(d) Michigan.

11. What is an economic principle that states "Bad money drives out good"?
(a) The uniform pay scale.
(b) Adverse selection.
(c) The Juche Idea.
(d) Gresham's law.

12. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?
(a) Investors Business Daily.
(b) The Economic Times.
(c) The Wall Street Journal.
(d) The Economist.

13. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?
(a) $18.
(b) $13.
(c) $15.
(d) $9.

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

15. Of the top 25 polluted cities in the world, how many are in China according to the author?
(a) 16.
(b) 24.
(c) 9.
(d) 5.

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 second?

2. What does HDI stand for?

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

4. 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?

5. Nonperforming loans and bad investments caused the banks to suffer in Iceland, and by the fall of 2008, how many major banks in the country were defunct according to the author in Chapter 11?

(see the answer keys)

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