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

Multiple Choice Questions

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

2. Of the top 25 polluted cities in the world, how many are in China according to the author?
(a) 16.
(b) 24.
(c) 5.
(d) 9.

3. In finance, what between two currencies is the rate at which one currency will be exchanged for another?
(a) Deductible.
(b) Exchange rate.
(c) Collateral.
(d) Devaluation.

4. What term refers to currency with no international value?
(a) Monopoly money.
(b) Funny money.
(c) Vouchers.
(d) Fast cash.

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

6. 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 seventh?
(a) National savings.
(b) Total national happiness.
(c) Current account surplus/deficit.
(d) Demographics.

7. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?
(a) Self-sufficient.
(b) Impoverished.
(c) Interdependent.
(d) Diverse.

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

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

10. What country had a bad reputation so it's government created a currency board ensuring that each of its pesos was worth one United States dollar?
(a) Peru.
(b) Ecuador.
(c) Argentina.
(d) Brazil.

11. What refers to economy-wide fluctuations in production or economic activity over several months or years?
(a) Depression.
(b) Recession.
(c) Trade-off.
(d) Business cycle.

12. 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) Public policy.
(c) Pork barrel.
(d) Deductive reasoning.

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

14. What is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market?
(a) Floating exchange rate.
(b) Inflationary exchange rate.
(c) Interdependent exchange rate.
(d) Subsidized exchange rate.

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

Short Answer Questions

1. The author writes that trade helps the economy by doing what, in Chapter 12?

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

3. When was the first edition of "Naked Economics: Undressing the Dismal Science" published?

4. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?

5. What is the sixth factor one should consider along with the GDP according to the author in Chapter 9?

(see the answer keys)

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