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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 seventh?
(a) Demographics.
(b) National savings.
(c) Current account surplus/deficit.
(d) Total national happiness.

2. What does FX stand for?
(a) Foreign Exchange Market.
(b) Fiscal Axiom.
(c) Futures Axiom.
(d) Finacial Extreme.

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

4. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?
(a) $0.50.
(b) $0.60.
(c) $0.25.
(d) $0.75.

5. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?
(a) Charles de Gaulle.
(b) François Mitterrand.
(c) Nicholas Sarkozy.
(d) Jacques Chirac.

Short Answer Questions

1. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?

2. When did the United Nations Monetary and Financial Conference take place?

3. Who gave out free medication in order to help the fight against leprosy, according to the author in Chapter 9?

4. India has a very low GDP per capita, and it also has over how many cases of leprosy according to the author in Chapter 9?

5. When did the California Gold Rush begin?

Short Essay Questions

1. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?

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

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

4. How do poor countries benefit by outsourcing and global trade, as described by the author in Chapter 12?

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

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

7. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?

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 results of the United Nations Monetary and Financial Conference in Chapter 11?

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

(see the answer keys)

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