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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. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?
2. When did the Korean War end?
3. When was Gary Becker born?
4. Gary Becker received the United States Presidential Medal of Freedom in what year?
5. Burton G. Malkiel is an American economist, most famous for what classic finance book?
Short Essay Questions
1. How does human capital relate to productivity? How does this in turn reflect the economic well-being of a nation, according to the author in Chapter 6?
2. What is the first of the basic needs the author boils down for investment markets in Chapter 7?
3. What investment tactic is recommended for the average investor without much expertise in the market in Chapter 7?
4. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?
5. How does the health of the economy affect income inequality, according to the author in Chapter 6?
6. How is the black rhinoceros described in Chapter 2? What are the horns of the animal worth in Yemen, and why?
7. What do economists assume about human nature and motivation, according to the author in Chapter 1?
8. Who wrote the book's Foreword? What does this individual say regarding the perception of economics and economists?
9. How do the resources of a country reflect its economic well-being, according to the author in Chapter 6?
10. Discuss the importance of information in economics. How does the author address the issue of information in Chapter 4?
Essay Topics
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
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 3
Define and discuss stock averages and index funds. What are mutual funds and how are they implemented in an investment strategy? What are ways suggested by the author to minimize risk when investing? What is "insider trading" and how does it impact the economy as a whole?
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This section contains 971 words (approx. 4 pages at 300 words per page) |
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