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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) Funny money.
(b) Monopoly money.
(c) Vouchers.
(d) Fast cash.
2. 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 third?
(a) Unemployment.
(b) National savings.
(c) Current account surplus/deficit.
(d) Income inequality.
3. 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) Ecuador.
(b) Brazil.
(c) Argentina.
(d) Peru.
4. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?
(a) Perverse incentives.
(b) Deductive reasoning.
(c) Public policy.
(d) Pork barrel.
5. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?
(a) Canada.
(b) Spain.
(c) India.
(d) Japan.
Short Answer Questions
1. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
2. 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?
3. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?
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 second?
5. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?
Short Essay Questions
1. How is the decline of Iceland's economy described in Chapter 11?
2. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?
3. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?
4. What is the HDI? How is it described in Chapter 9?
5. What does the GDP not factor in, according to the author in Chapter 9?
6. How do poor countries benefit by outsourcing and global trade, as described by the author in Chapter 12?
7. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?
8. What can be seen about the American economy by looking at the GDP, as illustrated in Chapter 9?
9. How does the author describe the relationship between the GDP and quality of life in India in Chapter 9?
10. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?
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This section contains 933 words (approx. 4 pages at 300 words per page) |
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