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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 publication commented on the French president's desire to come up with a way to measure human happiness, saying that it's like asking experts to put a number on spiritual matters?

2. The U.S. adopted a silver standard based on the Spanish milled dollar in what year?

3. In economics, what refers to a general slowdown in economic activity?

4. In economics, what is a sustained, long-term downturn in economic activity in one or more economies?

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 fifth?

Short Essay Questions

1. How does the author illustrate time and price value in America in Chapter 9?

2. How does the author describe public policy in Chapter 8? What problems do politicians face in this area?

3. How is the decline of Iceland's economy described in Chapter 11?

4. How does the author address the issues of outsourcing in Chapter 12?

5. Discuss the relationship between wealth and happiness. How is this illustrated in Chapter 9?

6. What is the ERM? What is its role according to the author in Chapter 11?

7. How does the author describe the results of the United Nations Monetary and Financial Conference in Chapter 11?

8. How is the gold standard described in Chapter 11? What is the problem with the gold standard?

9. What does the author assert nations need beyond natural resources in order to succeed in Chapter 13?

10. How are fixed exchange rates defined and described in Chapter 11?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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?

Essay Topic 2

Discuss the use of stock options as a means to develop company loyalty. Why does Michael Jenson oppose stock options? What does he refer to them as in Chapter 2? What, according to the author, motivates talented teachers to leave to go onto other professions?

Essay Topic 3

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?

(see the answer keys)

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