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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. India has a very low GDP per capita, and it also has over how many cases of leprosy according to the author in Chapter 9?
2. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?
3. What refers to economy-wide fluctuations in production or economic activity over several months or years?
4. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?
5. In Chapter 12, the author states that statistics clearly show that the world is growing more economically what?
Short Essay Questions
1. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?
2. What is the HDI? How is it described in Chapter 9?
3. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?
4. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?
5. What is the ERM? What is its role according to the author in Chapter 11?
6. How does the author describe the importance of monetary policy in concluding the book in Chapter 13?
7. Discuss the relationship between wealth and happiness. How is this illustrated in Chapter 9?
8. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?
9. How are fixed exchange rates defined and described in Chapter 11?
10. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?
Write an essay for ONE of the following topics:
Essay Topic 1
Analyze and discuss recent governmental decisions which impact the economy and environment. What legislation has passed regarding oil drilling and fracking? How do these examples relate to the author's views on the government's role in environmental issues?
Essay Topic 2
Describe and discuss the stock market and the New York Stock Exchange. How are the following terms used in Chapter 7 defined: risk, speculation, investment, derivatives, capital? What four basic needs to understand investment are discussed in Chapter 7?
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 890 words
(approx. 3 pages at 300 words per page)