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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 rhetorical question do economists ask, according to the author in Chapter 1?
2. What refers to the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value?
3. When was Gary Becker born?
4. What is an investment strategy that attempts to balance risk versus reward by adjusting the percentage of each asset in an investment portfolio according to the investors risk tolerance, goals and investment time frame?
5. What country withdrew from OPEC in 2008 after it became a net importer of oil?
Short Essay Questions
1. How is branding described as an economic strategy in Chapter 5?
2. How does the author of the Foreword describe Charles Wheelan's approach to explaining economics in "Naked Economics: Undressing the Dismal Science"?
3. How does the author address the question of "getting rich quickly" in the market in Chapter 7?
4. How do the resources of a country reflect its economic well-being, according to the author in Chapter 6?
5. What lessons can be learned from a monopoly situation according to the author in Chapter 4?
6. How is the black rhinoceros described in Chapter 2? What are the horns of the animal worth in Yemen, and why?
7. What is the difficulty of studying economics, according to the author of the Foreword? What is the role of economics in everyday activities?
8. What is the basic set of rules put forth by the author for those looking to invest in Chapter 7? How are risk and reward described?
9. What human fallacies does the author address in the beginning of Chapter 7?
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
Describe and analyze the Hope Scholarship program and the Clinton Administration. When were Hope Scholarships introduced and when did they dissipate? How are Hope Scholarships used as an example of adverse selection in the book? What are other examples where adverse selection can be seen in recent history?
Essay Topic 3
Describe and discuss the stock market and the New York Stock Exchange. How are the following terms used in Chapter 7 defined: risk, speculation, investment, derivatives, capital? What four basic needs to understand investment are discussed in Chapter 7?
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This section contains 965 words (approx. 4 pages at 300 words per page) |
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