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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. 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 seventh?

2. What is an economic principle that states "Bad money drives out good"?

3. What refers to law which has been enacted by a legislature or other governing body, or the process of making it?

4. When did the California Gold Rush begin?

5. What does IMF stand for?

Short Essay Questions

1. What is the cycle of recession and recovery called? How is GDP defined in Chapter 9?

2. What does the author remark about globalization in the beginning of Chapter 12? What are the benefits of global trade?

3. What does the GDP not factor in, according to the author in Chapter 9?

4. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?

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

6. How are the complications of international exchange rates described in Chapter 11?

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

8. What did the French president propose in measuring economies, as described in Chapter 9? What criticism did he receive?

9. What is the HDI? How is it described in Chapter 9?

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

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 2

Describe and discuss the circumstances and impacts of monopolies. What are examples of recent monopolies in the U.S.? How were these monopolies dealt with? What governmental regulations ensure against monopoly? What does the author say can be learned from monopolies?

Essay Topic 3

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?

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