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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 is an economic principle that states "Bad money drives out good"?
2. What is an assistance paid to a business or economic sector?
3. In economics, what refers to a general slowdown in economic activity?
4. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?
5. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?
Short Essay Questions
1. How do poor countries benefit by outsourcing and global trade, as described by the author in Chapter 12?
2. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?
3. What is the HDI? How is it described in Chapter 9?
4. How does the author describe the importance of monetary policy in concluding the book in Chapter 13?
5. How does the author address the issue of protectionism in Chapter 12?
6. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?
7. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?
8. How does the author address the issues of outsourcing in Chapter 12?
9. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?
10. How is the gold standard described in Chapter 11? What is the problem with the gold standard?
Write an essay for ONE of the following topics:
Essay Topic 1
Describe and discuss the history and economies of Cuba and North Korea. How have these economies suffered from overregulation, according to the author? What are the differences between Communist and capitalist nations regarding regulation and trade?
Essay Topic 2
Describe, analyze and discuss the healthcare and insurance industries in the United States. What national legislation was recently passed which broached the issues of healthcare? How effective was this legislation? How do these industries represent inequality in regard to information?
Essay Topic 3
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?
This section contains 919 words
(approx. 4 pages at 300 words per page)