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

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

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

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

5. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?
(a) Dark currency.
(b) Soft currency.
(c) Light currency.
(d) Hard currency.

Short Answer Questions

1. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?

2. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?

3. 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?

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

5. After World War II, representatives of the Allied nations gathered together where to create a sustainable financial infrastructure for the world?

Short Essay Questions

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

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

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

4. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?

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

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

7. How does the author describe the relationship between the GDP and quality of life in India 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. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?

(see the answer keys)

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