Free to Choose: A Personal Statement Quiz | Four Week Quiz A

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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 3, The Anatomy of Crisis.

Multiple Choice Questions

1. The United States banking system is:
(a) a no reserve system
(b) a full reserve system
(c) not dependent on reserves
(d) a fractional reserve system

2. Government subsidies to industry are viewed as:
(a) a way to increase efficiency
(b) unfair competition
(c) good economic policy
(d) a necessity

3. Adam Smith says that voluntary exchange will not take place unless:
(a) it is commanded
(b) both parties benefit from it
(c) one party can profits
(d) the government can tax the transaction

4. The economist that changed the way of economic thinking regarding depressions was:
(a) Milton Friedman
(b) Adam Smith
(c) David Ricardo
(d) John Maynard Keynes

5. When the Fed sells bonds:
(a) the monetary reserves of the banking system decrease
(b) the banks can make more loans
(c) the economy experiences inflation
(d) depositors see a decline in their bank accounts

Short Answer Questions

1. The infant industry argument for protection says a:

2. The Great Depression began in:

3. Economic freedom refers to all but which of the following:

4. The price system functions in such a way that each individual acting in his own best interests, makes everyone better off. This concept is known as the:

5. Free international trade results in better relations between individuals who differ in all but:

(see the answer key)

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