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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 U.S. adopted a silver standard based on the Spanish milled dollar in what year?
(a) 1866.
(b) 1835.
(c) 1785.
(d) 1802.
2. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?
(a) $0.25.
(b) $0.60.
(c) $0.75.
(d) $0.50.
3. According to the author in Chapter 13, some argue that high temperatures and heavy rainfall yield poor food production and and increase in what, therefore limiting a location's ability to create a thriving economy?
(a) Disease.
(b) Predator species.
(c) Floods.
(d) Dust.
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 first?
(a) Total national happiness.
(b) Poverty.
(c) National savings.
(d) Unemployment.
5. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
(a) The market.
(b) Maximizing utility.
(c) The divide between the rich and the poor.
(d) Productivity.
Short Answer Questions
1. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?
2. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the second?
3. What refers to economy-wide fluctuations in production or economic activity over several months or years?
4. Mark Miringhoff believes the nation should have what, as described in Chapter 9?
5. The author writes that trade helps the economy by doing what, in Chapter 12?
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. What is the ERM? What is its role according to the author in Chapter 11?
3. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?
4. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?
5. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?
6. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?
7. What does the author remark about globalization in the beginning of Chapter 12? What are the benefits of global trade?
8. How is the gold standard described in Chapter 11? What is the problem with the gold standard?
9. Discuss the relationship between wealth and happiness. How is this illustrated in Chapter 9?
10. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?
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This section contains 960 words (approx. 4 pages at 300 words per page) |
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