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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. When did the California Gold Rush begin?
2. What is a Latin prepositional phrase meaning "by heads"?
3. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the third?
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 first?
5. 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?
Short Essay Questions
1. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?
2. What does the author remark about globalization in the beginning of Chapter 12? What are the benefits of global trade?
3. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?
4. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?
5. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?
6. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?
7. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?
8. What is the HDI? How is it described in Chapter 9?
9. How does the author illustrate time and price value in America in Chapter 9?
10. How are fixed exchange rates defined and described in Chapter 11?
Write an essay for ONE of the following topics:
Essay Topic 1
Define and discuss perverse incentives in economics. What example is used from Mexico City in Chapter 2? When did this governmental action take place and what results came of the actions? How was the pollution of Mexico City affected by legislation?
Essay Topic 2
Discuss the use of stock options as a means to develop company loyalty. Why does Michael Jenson oppose stock options? What does he refer to them as in Chapter 2? What, according to the author, motivates talented teachers to leave to go onto other professions?
Essay Topic 3
Define and analyze public policy, lobbyists, and subsidies. How has public policy changed in the past 20 years? How do subsidies affect the economy as a whole? What are the drawbacks to public policy and small groups, according to the author?
This section contains 945 words
(approx. 4 pages at 300 words per page)