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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. Nonperforming loans and bad investments caused the banks to suffer in Iceland, and by the fall of 2008, how many major banks in the country were defunct according to the author in Chapter 11?

2. The U.S. Treasury began doing business only in gold or silver coin as part of the Independent Treasury Act of what year?

3. In the year 2000, a pair of stockings on average would cost how much, according to the author in Chapter 9?

4. What does ERM stand for?

5. 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?

Short Essay Questions

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

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

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

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

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

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

7. Discuss the growth rate of globalizing countries as discussed in Chapter 12. How did the globalizing countries benefit?

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss the biography and career of Charles Wheelan. What history and expertise does Wheelan have in the field of economics? What publications has Wheelan written for? How many books has he published? What criticism and/or awards did he earn for "Naked Economics: Undressing the Dismal Science"?

Essay Topic 2

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 3

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?

(see the answer keys)

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