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

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

3. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?
(a) Hard currency.
(b) Dark currency.
(c) Soft currency.
(d) Light currency.

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

5. What is an assistance paid to a business or economic sector?
(a) Subsidy.
(b) Derivative.
(c) Collateral.
(d) Interest.

Short Answer 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?

2. 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?

3. What does GDP stand for?

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 fourth?

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

Short Essay Questions

1. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?

2. How does the author describe the importance of monetary policy in concluding the book in Chapter 13?

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

4. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?

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

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

7. What does the author remark about globalization in the beginning of Chapter 12? What are the benefits of global trade?

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

9. What does the GDP not factor in, according to the author in Chapter 9?

10. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?

(see the answer keys)

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