|Name: _________________________||Period: ___________________|
This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
2. OPEC has maintained its headquarters where since 1965?
3. What country withdrew from OPEC in 2008 after it became a net importer of oil?
4. According to the author in Chapter 2, a horn from a black rhinoceros can fetch what amount on the black market?
5. Gary Becker is a professor of economics, sociology at what institution?
Short Essay Questions
1. How does the author describe the tactics used by OPEC in Chapter 1?
2. How does the author address the question of "getting rich quickly" in the market in Chapter 7?
3. How does the author describe Douglas Ivester's marketing tactic in Chapter 1?
4. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?
5. What is the first of the basic needs the author boils down for investment markets in Chapter 7?
6. How is the black rhinoceros described in Chapter 2? What are the horns of the animal worth in Yemen, and why?
7. What is a "diversified portfolio"? What does the author state regarding this in Chapter 7?
8. What stereotypical scene does the author depict of an economics student in the Introduction?
9. What do economists assume about human nature and motivation, according to the author in Chapter 1?
10. How does the author of the Foreword describe Charles Wheelan's approach to explaining economics in "Naked Economics: Undressing the Dismal Science"?
Write an essay for ONE of the following topics:
Essay Topic 1
Describe and discuss the circumstances and impacts of monopolies. What are examples of recent monopolies in the U.S.? How were these monopolies dealt with? What governmental regulations ensure against monopoly? What does the author say can be learned from monopolies?
Essay Topic 2
Define, analyze and discuss the gross domestic product of the U.S. over the past century. When have the greatest changes taken place? What does this tell us about the economy during those times? How has technology affected the GDP in America?
Essay Topic 3
Define human capital and discuss how this term applies to the biographies and careers of Bill Gates and Gary Becker. How is a person's human capital valuated? How is income inequality worsened by the recession that began in 2008? How has the divide between those working on Wall Street and those working in the Main Street sector grown bigger? Why?
This section contains 961 words
(approx. 4 pages at 300 words per page)