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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. The GDP does not consider economic activity that is what, according to the author in Chapter 9?
(a) Unpaid.
(b) Interdependent.
(c) Deductible.
(d) Subsidized.

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

3. What does GDP stand for?
(a) Gems and Diamonds Per capita.
(b) Gain and Drain Portfolio.
(c) Gross Domestic Product.
(d) Geographic Diversity Plot.

4. Mark Miringhoff believes the nation should have what, as described in Chapter 9?
(a) More laws on bankers.
(b) A "social report card."
(c) A "portfolio of morals."
(d) An army, navy, and airforce.

5. When did the United Nations Monetary and Financial Conference take place?
(a) 1932.
(b) 1961.
(c) 1970.
(d) 1944.

Short Answer Questions

1. 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?

2. According to the author in Chapter 9, to ensure accuracy, the real GDP is a figure that has been adjusted to account for what?

3. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?

4. What is an assistance paid to a business or economic sector?

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 fifth?

Short Essay Questions

1. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?

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

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

4. What can be seen about the American economy by looking at the GDP, as illustrated in Chapter 9?

5. How are fixed exchange rates defined and described in Chapter 11?

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

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

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

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

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

(see the answer keys)

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