View a FREE sample

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 political thesis of Kim Il-sung which says that the Korean masses are the masters of the country's development?

2. Burton G. Malkiel is an American economist, most famous for what classic finance book?

3. What is the fourth simple need of financial markets, as discussed in Chapter 7?

4. A market economy delegates resources to an area where they are what, according to the author in Chapter 1?

5. What is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual?

Short Essay Questions

1. What example does the author give for the negative effect of incentives in Chapter 2?

2. What investment tactic is recommended for the average investor without much expertise in the market in Chapter 7?

3. What human fallacies does the author address in the beginning of Chapter 7?

4. What are the ramifications of decisions made in the world of finance and legislation, according to the author in the Introduction?

5. How is adverse selection described in the example of Hope Scholarships in Chapter 4?

6. How is information a problem in the healthcare and insurance industries, as discussed in Chapter 5?

7. Discuss the importance of information in economics. How does the author address the issue of information in Chapter 4?

8. How does the author describe the concept of "trade-offs" in Chapter 1? How do trade-offs apply to individuals and to the economy?

9. How does the author describe the tactics used by OPEC in Chapter 1?

10. How does the health of the economy affect income inequality, according to the author in Chapter 6?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Describe, analyze and discuss the public goods offered by the government in the U.S. What percentage of our nation's budget is dedicated to police and fire enforcement, roads, schools, etc.? What is the government's role in economic infrastructure, regulation, and finance?

Essay Topic 2

Discuss the author's example from Chapter 2 involving Yemen and the black rhinoceros. What is the value of the black rhino's horns and why are these horns so highly sought after? How does he describe the role of ecotourism as an environmental and economical solution? When did ecotourism first develop?

Essay Topic 3

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?

(see the answer keys)

This section contains 1,012 words (approx. 4 pages at 300 words per page) View a FREE sample