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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 a Latin prepositional phrase meaning "by heads"?
2. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?
3. What does ERM stand for?
4. What term refers to currency with no international value?
5. 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?
Short Essay Questions
1. What is the ERM? What is its role according to the author in Chapter 11?
2. How does the author describe the relationship between the GDP and quality of life in India in Chapter 9?
3. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?
4. What can be seen about the American economy by looking at the GDP, as illustrated in Chapter 9?
5. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?
6. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?
7. In the example given in Chapter 11 of Argentina borrowing the reputation of the U.S., what was the outcome?
8. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?
9. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?
10. What is the HDI? How is it described in Chapter 9?
Write an essay for ONE of the following topics:
Essay Topic 1
Describe and discuss Douglas Ivester, the Coca-Cola Company, and the toppling of the Berlin Wall. When did the Berlin Wall come down and what did this mean in terms of the U.S.S.R.? What is brand recognition? In what ways does the author laud Ivester's tactic for marketing?
Essay Topic 2
Discuss the biography and career of Charles Wheelan. What history and expertise does Wheelan have in the field of economics? What publications has Wheelan written for? How many books has he published? What criticism and/or awards did he earn for "Naked Economics: Undressing the Dismal Science"?
Essay Topic 3
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?
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