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

2. According to the author in Chapter 9, the average wage of an American in the year 2000 was over how much hourly?
(a) $18.
(b) $15.
(c) $9.
(d) $13.

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

4. The U.S. adopted a silver standard based on the Spanish milled dollar in what year?
(a) 1866.
(b) 1785.
(c) 1835.
(d) 1802.

5. What is a Latin prepositional phrase meaning "by heads"?
(a) Et cetera.
(b) In Unum.
(c) Per capita.
(d) E Pluribus Unum.

Short Answer Questions

1. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?

2. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?

3. Where did Charles Wheelan earn a PhD in public policy?

4. Charles Wheelan graduated from what educational institution?

5. In many countries, the negative effects of the Great Depression lasted until the start of what?

Short Essay Questions

1. In the example given in Chapter 11 of Argentina borrowing the reputation of the U.S., what was the outcome?

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

3. How does the author describe the relationship between the GDP and quality of life in India in Chapter 9?

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

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

6. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?

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

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

9. How are the complications of international exchange rates described in Chapter 11?

10. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?

(see the answer keys)

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