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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 is a Latin prepositional phrase meaning "by heads"?
(a) E Pluribus Unum.
(b) In Unum.
(c) Et cetera.
(d) Per capita.
2. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?
(a) Hedge.
(b) Trade-off.
(c) Legislation.
(d) Gresham's law.
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) Retirement.
(b) Underemployment.
(c) Unemployment.
(d) Overemployment.
4. When did the California Gold Rush begin?
(a) 1969.
(b) 1912.
(c) 1862.
(d) 1849.
5. When was the Federal Reserve Act enacted?
(a) 1812.
(b) 1776.
(c) 1913.
(d) 1892.
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. The Chinese GDP has grown substantially over the past decade, yet its success is correlated to what, according to the author in Chapter 9?
3. In economics, what is a rise in the general level of prices of goods and services in an economy over a period of time?
4. 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?
5. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?
Short Essay Questions
1. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?
2. How are the complications of international exchange rates described in Chapter 11?
3. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?
4. How does the author describe the relationship between the GDP and quality of life in India in Chapter 9?
5. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?
6. What is the ERM? What is its role according to the author in Chapter 11?
7. How do poor countries benefit by outsourcing and global trade, as described by the author in Chapter 12?
8. What is the HDI? How is it described in Chapter 9?
9. How does the author describe the importance of monetary policy in concluding the book in Chapter 13?
10. What does the GDP not factor in, according to the author in Chapter 9?
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