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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. When did President Jefferson suspend the minting of silver coins in the U.S.?
(a) 1815.
(b) 1796.
(c) 1806.
(d) 1822.

2. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?
(a) $2.
(b) $4.
(c) $7.
(d) $11.

3. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?
(a) New Hampshire.
(b) Rhode Island.
(c) Missouri.
(d) Michigan.

4. From 1997 to 2002, Charles Wheelan was the Midwest correspondent for what publication?
(a) Investors Business Daily.
(b) The Economist.
(c) The Economic Times.
(d) The Wall Street Journal.

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

Short Answer Questions

1. According to the author in Chapter 13, when it comes to gaining economic power, it's best to avoid what, which depletes resources and limits education?

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 second?

3. In 1900, the average wage was how much per hour according to the author in Chapter 9?

4. In economics, what refers to a general slowdown in economic activity?

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

Short Essay Questions

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

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

3. How does the author illustrate time and price value in America in Chapter 9?

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

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

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

7. What is the HDI? How is it described in Chapter 9?

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

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

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

(see the answer keys)

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