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. Black Thursday, October 24, 1929, refers to the:
(a) end of the gold standard
(b) collapse of the banking system
(c) end of government payments
(d) collapse of the stock market

2. Restrictions of payments refers to:
(a) government's inability to pay its bills
(b) banks' refusal to give currency on demand to depositors who tried to make withdrawals
(c) depositors inability to write checks
(d) government's refusal to pay benefits

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

4. According to Friedman, the former Soviet economy was based on:
(a) free markets
(b) none of the above
(c) voluntary cooperation
(d) command

5. Which of the following is not a function of the price system:
(a) government established prices
(b) transmitting information
(c) distribution of income
(d) efficient use of resources

Short Answer Questions

1. The Federal Deposit Insurance Corporation:

2. The United States banking system is:

3. What action did the Fed take after England abandoned the gold standard?

4. Trade restrictions create:

5. The Federal Reserve Act was legislated in:

(see the answer key)

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