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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. What term refers to currency with no international value?
2. When did the United Nations Monetary and Financial Conference take place?
3. What is an assistance paid to a business or economic sector?
4. The United Nations Monetary and Financial Conference was a gathering of delegates from how many nations?
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 does the author illustrate time and price value in America in Chapter 9?
2. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?
3. What is the ERM? What is its role according to the author in Chapter 11?
4. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?
5. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?
6. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?
7. How do poor countries benefit by outsourcing and global trade, as described by the author in Chapter 12?
8. How does the author address the issues of outsourcing in Chapter 12?
9. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?
10. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?
Write an essay for ONE of the following topics:
Essay Topic 1
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?
Essay Topic 2
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 3
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?
This section contains 870 words
(approx. 3 pages at 300 words per page)