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

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

2. Adam Smith says that voluntary exchange will not take place unless:
(a) the government can tax the transaction
(b) both parties benefit from it
(c) one party can profits
(d) it is commanded

3. What action did the Fed take after England abandoned the gold standard?
(a) suspended open market operations
(b) began hoarding gold
(c) raised the discount rate
(d) lowered the discount rate

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

5. Economic freedom refers to all but which of the following:
(a) ability to choose how much to spend
(b) ability to select what investments to make
(c) ability to decide what goods to purchase
(d) forced savings

Short Answer Questions

1. Black Thursday, October 24, 1929, refers to the:

2. What is a good source of information on prices and markets?

3. The only kind of capital:

4. The Federal Deposit Insurance Corporation:

5. Free trade takes place when:

(see the answer key)

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