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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 finance, what between two currencies is the rate at which one currency will be exchanged for another?

2. According to the author in Chapter 11, the problem with this gold standard was the central bank could do what?

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

4. What refers to a currency which is expected to fluctuate erratically or depreciate against other currencies?

5. In many countries, the negative effects of the Great Depression lasted until the start of what?

Short Essay Questions

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

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

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

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

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

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

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

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

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

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

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

Describe and discuss the circumstances and impacts of monopolies. What are examples of recent monopolies in the U.S.? How were these monopolies dealt with? What governmental regulations ensure against monopoly? What does the author say can be learned from monopolies?

Essay Topic 3

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"?

(see the answer keys)

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