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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. 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.

2. What country had a bad reputation so it's government created a currency board ensuring that each of its pesos was worth one United States dollar?
(a) Peru.
(b) Brazil.
(c) Ecuador.
(d) Argentina.

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

4. According to the author in Chapter 13, some argue that high temperatures and heavy rainfall yield poor food production and and increase in what, therefore limiting a location's ability to create a thriving economy?
(a) Floods.
(b) Disease.
(c) Predator species.
(d) Dust.

5. 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 first?
(a) National savings.
(b) Poverty.
(c) Total national happiness.
(d) Unemployment.

Short Answer Questions

1. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?

2. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?

3. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?

4. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?

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

Short Essay Questions

1. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?

2. How does the author address the issue of protectionism in Chapter 12?

3. How does the author describe the results of the United Nations Monetary and Financial Conference in Chapter 11?

4. How is the gold standard described in Chapter 11? What is the problem with the gold standard?

5. How do poor countries benefit by outsourcing and global trade, as described by the author in Chapter 12?

6. How is the decline of Iceland's economy described in Chapter 11?

7. Discuss the relationship between wealth and happiness. How is this illustrated in Chapter 9?

8. How does the author illustrate time and price value in America in Chapter 9?

9. What can be seen about the American economy by looking at the GDP, as illustrated in Chapter 9?

10. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?

(see the answer keys)

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