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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 economics, what refers to a general slowdown in economic activity?

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

3. The Chinese GDP has grown substantially over the past decade, yet its success is correlated to what, according to the author in Chapter 9?

4. When did the United Nations Monetary and Financial Conference take place?

5. What is an assistance paid to a business or economic sector?

Short Essay Questions

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

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

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

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

5. How does the author describe the recessions of the U.S. and the Japanese in Chapter 9?

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

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss the career of economist Burton G. Malkiel and the efficient market hypothesis. When was the efficient market hypothesis developed? What ideas are presented in Malkiel's "A Random Walk Down Wall Street"? What does Malkiel write in the Forward to "Naked Economics: Undressing the Dismal Science"?

Essay Topic 2

Describe and analyze the author's concepts of productivity, education, and standard of living in Chapter 6. How does productivity relate to human capital? How does education relate to human capital and standard of living? How has education changed in the past 20 years?

Essay Topic 3

Describe, analyze and discuss the healthcare and insurance industries in the United States. What national legislation was recently passed which broached the issues of healthcare? How effective was this legislation? How do these industries represent inequality in regard to information?

(see the answer keys)

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