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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 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?
(a) Size of the government.
(b) National savings.
(c) Income inequality.
(d) Unemployment.

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 second?
(a) Income inequality.
(b) Demographics.
(c) National savings.
(d) Poverty.

3. 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 eighth?
(a) Poverty.
(b) Demographics.
(c) Unemployment.
(d) Income inequality.

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 fifth?
(a) Budget deficit/surplus.
(b) Income inequality.
(c) Demographics.
(d) Poverty.

5. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the second?
(a) Maximizing utility.
(b) The market.
(c) Productivity.
(d) The divide between the rich and the poor.

Short Answer Questions

1. Mark Miringhoff believes the nation should have what, as described in Chapter 9?

2. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?

3. The United Nations Monetary and Financial Conference was a gathering of how many delegates?

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 third?

5. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?

Short Essay Questions

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

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

3. How does the author address the issues of outsourcing in Chapter 12?

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

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

6. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?

7. What is the ERM? What is its role according to the author in Chapter 11?

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

9. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?

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

(see the answer keys)

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