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. Trade restrictions create:
(a) increase levels of trade
(b) a good political situation
(c) a more competitive environment
(d) friction between nations

2. Which of the following is not one of Adam Smith's duties of government?
(a) correct for third party effects
(b) protection of members of society who are not responsible, such as children
(c) administration of justice
(d) protect members from coercion

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

4. Adam Smith wrote:
(a) The Price System
(b) The Wealth of Nations
(c) Das Kapital
(d) Economic Made Simple

5. The Great Depression began in:
(a) 1934
(b) 1931
(c) 1940
(d) 1929

Short Answer Questions

1. Governments intervene in foreign currency markets:

2. Government interferes with the price system by:

3. Open Market Operations refers to:

4. An economic contraction means all but the following:

5. A tariff implemented to raise employment in the domestic nation:

(see the answer key)

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