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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 9, The Cure for Inflation.

Multiple Choice Questions

1. Attendance at school became mandatory in all states in:
(a) 1900
(b) 1918
(c) 1875
(d) 1923

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

3. 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) invisible hand
(b) voluntary nature
(c) command
(d) visible hand

4. Most of the funding for public education is provided by the:
(a) state
(b) federal government
(c) city
(d) county

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

Short Answer Questions

1. Trade restrictions create:

2. Which of the following was not a part of the 1964 War on Poverty program?

3. Protection refers to:

4. The command elements of every economy include things like:

5. In regard to equality and liberty:

(see the answer key)

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