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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. What term refers to currency with no international value?
(a) Vouchers.
(b) Funny money.
(c) Fast cash.
(d) Monopoly money.

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

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

4. 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.

5. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?
(a) India.
(b) Canada.
(c) Japan.
(d) Spain.

Short Answer Questions

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

2. Economists call the cycle of recession and recovery what, according to the author in Chapter 9?

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

4. In economics, what refers to a general slowdown in economic activity?

5. What refers to economy-wide fluctuations in production or economic activity over several months or years?

Short Essay Questions

1. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?

2. How does the author describe the relationship between the GDP and quality of life in India in Chapter 9?

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

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

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

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

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

8. How are fixed exchange rates defined and described in Chapter 11?

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

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

(see the answer keys)

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