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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. The United Nations Monetary and Financial Conference was a gathering of delegates from how many nations?
2. In economics, what is a rise in the general level of prices of goods and services in an economy over a period of time?
3. What is the ninth factor one should consider along with the GDP to understand an economy, according to the author in Chapter 9?
4. What, as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks?
5. What is an assistance paid to a business or economic sector?
Short Essay Questions
1. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?
2. How is the decline of Iceland's economy described in Chapter 11?
3. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?
4. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?
5. How does the author describe the importance of monetary policy in concluding the book in Chapter 13?
6. What is the ERM? What is its role according to the author in Chapter 11?
7. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?
8. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?
9. How are fixed exchange rates defined and described in Chapter 11?
10. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?
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
Describe and analyze the author's concepts of productivity, education, and standard of living in Chapter 6. How does productivity relate to human capital? How does education relate to human capital and standard of living? How has education changed in the past 20 years?
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?
This section contains 862 words
(approx. 3 pages at 300 words per page)