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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 does GDP stand for?

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

3. In France, what president wanted to come up with a way to measure human happiness, as described in Chapter 9?

4. In lending agreements, what is a borrower's pledge of specific property to a lender, to secure repayment of a loan?

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

Short Essay Questions

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

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

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

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

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

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

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

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

9. What can be seen about the American economy by looking at the GDP, as illustrated in Chapter 9?

10. In the example given in Chapter 11 of Argentina borrowing the reputation of the U.S., what was the outcome?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Describe and discuss the most recent Japanese and U.S. recessions. When, according to the author, did Japan's economic decline begin? What led to it? What do these recessions have in common? How do they differ? What are the different viewpoints regarding how to pull America from its current recession? What legislation has attempted to boost the economy? Has it been effective? Why or why not?

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

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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