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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. Mark Miringhoff believes the nation should have what, as described in Chapter 9?
(a) An army, navy, and airforce.
(b) A "portfolio of morals."
(c) A "social report card."
(d) More laws on bankers.

2. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?
(a) Light currency.
(b) Soft currency.
(c) Dark currency.
(d) Hard currency.

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

4. What is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically?
(a) Protectionism.
(b) Capitalism.
(c) The Juche Idea.
(d) Exchange rate.

5. 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?
(a) Extention.
(b) Inflation.
(c) Deflation.
(d) War.

Short Answer Questions

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

2. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?

3. When was the Federal Reserve Act enacted?

4. What is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation?

5. 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?

Short Essay Questions

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

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

3. How are the complications of international exchange rates described in Chapter 11?

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

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

6. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?

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

8. How does the author describe the relationship between the GDP and quality of life in India in Chapter 9?

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

10. How is the decline of Iceland's economy described in Chapter 11?

(see the answer keys)

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