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. Some people support tariffs because they think that tariffs:
(a) offer protection for consumer
(b) create jobs
(c) lower prices
(d) result in increased efficiency

2. Free markets lead to:
(a) bankruptcy
(b) less individual freedom
(c) greater individual freedom
(d) economic tyrrany

3. What kind of international trade is best?
(a) partically free trade
(b) free trade
(c) trade with restrictions
(d) no trade

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:
(a) command
(b) invisible hand
(c) voluntary nature
(d) visible hand

5. Open Market Operations refers to:
(a) flooding the market with junk bonds
(b) a department store sale
(c) the purchase and sale of government bonds
(d) stock market operations

Short Answer Questions

1. The economy functions on the basis of:

2. Government subsidies to industry are viewed as:

3. Governments intervene in foreign currency markets:

4. Restrictions of payments refers to:

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

(see the answer key)

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