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 command elements of every economy include things like:
(a) military conscription
(b) forbidding the purchase and sales of heroin
(c) prices
(d) court orders

2. The economy functions on the basis of:
(a) command
(b) orders
(c) government direction
(d) voluntary cooperation

3. The Principle of Comparative Advantage states that a nation should specialize in:
(a) the production of goods in which it is relatively more efficient than the other nation
(b) can get the highest price for
(c) all goods
(d) has the most of

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

5. A run on a bank occurs when depositors:
(a) depositors refuse loans
(b) try to withdraw their money in cash at the same time
(c) depositors refuse to deposit money
(d) the bank refuses to make loans

Short Answer Questions

1. Open Market Operations refers to:

2. A coordinated restriction of payments by banks is used:

3. Prices function to transmit information to all but:

4. Government subsidies to industry are viewed as:

5. A change in prices affects all but the following:

(see the answer key)

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