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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

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

2. When did the Great Depression begin in the United States?
(a) 1886.
(b) 1918.
(c) 1905.
(d) 1929.

3. 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) 70,000.
(b) 100,000.
(c) 50,000.
(d) 35,000.

4. What does ERM stand for?
(a) Environmental Rarity Market.
(b) European Exchange Rate Mechanism.
(c) Education Resource Mechanism.
(d) Electronic Remanufacturing Market.

5. What does IMF stand for?
(a) Internal Military Fund.
(b) Insecure Management Fund.
(c) International Monetary Fund.
(d) Insightful Money Framework.

6. Where did Charles Wheelan earn a PhD in public policy?
(a) The Harris School.
(b) Harvard University.
(c) Dartmouth College.
(d) Yale University.

7. What is the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district?
(a) Perverse incentives.
(b) Pork barrel.
(c) Public policy.
(d) Deductive reasoning.

8. 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) Missouri.
(c) Michigan.
(d) Rhode Island.

9. The United Nations Monetary and Financial Conference was commonly known as what?
(a) The Yosemite Falls conference.
(b) The San Diego conference.
(c) The New York and Europe conference.
(d) The Bretton Woods conference.

10. What, as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks?
(a) Underemployment.
(b) Unemployment.
(c) Overemployment.
(d) Retirement.

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

12. Who gave out free medication in order to help the fight against leprosy, according to the author in Chapter 9?
(a) The Bill and Melinda Gates Foundation.
(b) The World Health Organization.
(c) The Food and Drug Administration.
(d) The University of Chicago.

13. 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?
(a) Demographics.
(b) Poverty.
(c) Budget deficit/surplus.
(d) Income inequality.

14. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?
(a) Gresham's law.
(b) Legislation.
(c) Trade-off.
(d) Hedge.

15. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?
(a) 14.
(b) 5.
(c) 2.
(d) 10.

Short Answer Questions

1. What term refers to currency with no international value?

2. The United Nations Monetary and Financial Conference was a gathering of how many delegates?

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

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

5. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?

(see the answer keys)

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