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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) A "social report card."
(b) A "portfolio of morals."
(c) More laws on bankers.
(d) An army, navy, and airforce.

2. According to the author in Chapter 12, studies show that globalizing countries had what percentage higher growth rate than other countries that were less integrated in the world economy?
(a) 30% to 50%.
(b) 50% to 75%.
(c) 15% to 25%.
(d) 10% to 20%.

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

4. 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) Poverty.
(b) Budget deficit/surplus.
(c) Demographics.
(d) Income inequality.

5. 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) Income inequality.
(c) Demographics.
(d) Poverty.

Short Answer Questions

1. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?

2. When did the United Nations Monetary and Financial Conference take place?

3. Where did Charles Wheelan earn a PhD in public policy?

4. What is an assistance paid to a business or economic sector?

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

Short Essay Questions

1. How is the gold standard described in Chapter 11? What is the problem with the gold standard?

2. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?

3. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?

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

5. How does the author address the issue of protectionism in Chapter 12?

6. How are fixed exchange rates defined and described in Chapter 11?

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

8. How does the author address the issues of outsourcing in Chapter 12?

9. What can be seen about the American economy by looking at the GDP, as illustrated in Chapter 9?

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

(see the answer keys)

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