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

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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. What problems have there been with unions?
(a) not enough members
(b) salaries lag the non-union sector
(c) fraud
(d) misuse and misappropriation of funds

2. Kenneth B. Clark describes public school system as:
(a) inferior to private schools
(b) protected public monopolies
(c) superior to private schools
(d) on the same level as private schools

3. Free trade takes place when:
(a) when one party can benefit
(b) when consumers want a good
(c) all parties feel they can benefit
(d) when producers want to see a good

4. Equality of outcomes is related to:
(a) rights to open a business
(b) fairness or fair shares
(c) right to own property
(d) education

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

Short Answer Questions

1. Policies based on fair shares or 'to each according to his needs' have resulted in severe lack of liberties in all but the following:

2. The Federal Reserve Act was legislated in:

3. Children from wealthy backgrounds have better chances in education and employment. This it not representative of:

4. In regard to equality and liberty:

5. 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:

(see the answer key)

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