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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. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?
(a) 14.
(b) 10.
(c) 2.
(d) 5.

2. Nonperforming loans and bad investments caused the banks to suffer in Iceland, and by the fall of 2008, how many major banks in the country were defunct according to the author in Chapter 11?
(a) 8.
(b) 5.
(c) 12.
(d) 3.

3. 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?
(a) 70,000.
(b) 35,000.
(c) 50,000.
(d) 100,000.

4. What is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs?
(a) Perverse incentives.
(b) Pork barrel.
(c) Deductive reasoning.
(d) Public policy.

5. 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 first?
(a) Unemployment.
(b) Poverty.
(c) Total national happiness.
(d) National savings.

Short Answer Questions

1. Where does the author live and work today?

2. What is a Latin prepositional phrase meaning "by heads"?

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

4. The Chinese GDP has grown substantially over the past decade, yet its success is correlated to what, according to the author in Chapter 9?

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

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

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

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

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

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

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

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

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

(see the answer keys)

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