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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 fifth?

2. When did the California Gold Rush begin?

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

4. According to the author in Chapter 12, studies show that globalizing countries had what percentage higher growth rate than other countries that were less integrated in the world economy?

5. In the Epilogue, the author discusses seven issues used to understand and improve the world. What is the second?

Short Essay Questions

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

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

3. How do poor countries benefit by outsourcing and global trade, as described by the author in Chapter 12?

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

5. What did Mark Miringhoff propose as a measure for economies, as described in Chapter 9?

6. What are the benefits of the HDI versus the GDP according to the author in Chapter 9?

7. How does the author describe the importance of monetary policy in concluding the book in Chapter 13?

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Describe and discuss Douglas Ivester, the Coca-Cola Company, and the toppling of the Berlin Wall. When did the Berlin Wall come down and what did this mean in terms of the U.S.S.R.? What is brand recognition? In what ways does the author laud Ivester's tactic for marketing?

Essay Topic 2

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 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?

(see the answer keys)

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