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

2. In Chapter 9, the author discusses how fifteen years ago what nation was on top of the world economically?

3. Americans today are how many times as rich as an American in the 1940s according to the author in Chapter 9?

4. What, in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value?

5. What does GDP stand for?

Short Essay Questions

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

2. How does the author describe the relationship between the GDP and quality of life in India in Chapter 9?

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

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

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

6. How does the author address the issue of protectionism in Chapter 12?

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

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 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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