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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 1900, the average wage was how much per hour according to the author in Chapter 9?

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

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

4. What refers to economy-wide fluctuations in production or economic activity over several months or years?

5. In 1900, a pair of stockings would cost how much money according to the author in Chapter 9?

Short Essay Questions

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

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

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

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

5. How is the Federal Reserve described in Chapter 10? What is the role of the Fed?

6. What are the motivations of those receiving subsidies, as described by the author in Chapter 8?

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

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

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

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 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, 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?

Essay Topic 3

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?

(see the answer keys)

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