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. Some people support tariffs because they think that tariffs:
(a) create jobs
(b) result in increased efficiency
(c) lower prices
(d) offer protection for consumer

2. The economist that changed the way of economic thinking regarding depressions was:
(a) Milton Friedman
(b) David Ricardo
(c) John Maynard Keynes
(d) Adam Smith

3. An unfavorable balance of payments situation meant:
(a) nothing
(b) a deficit
(c) a surplus
(d) equality of inflows and outflows

4. What functions as the central bank for the United States?
(a) Chase Bank
(b) the Federal Reserve System
(c) the Bank of England
(d) the Bank of the United States

5. The infant industry argument for protection says a:
(a) no industries should receive protection
(b) only certain industries should receive protection
(c) all new industries should be given protection
(d) new industry should be given protection until it matures and can compete on its own

Short Answer Questions

1. Economic freedom refers to all but which of the following:

2. A market failure occurs when:

3. When the Fed sells bonds:

4. The term human capital refers to the:

5. Prices function to transmit information to all but:

(see the answer key)

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