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

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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 4, Cradle to Grave.

Multiple Choice Questions

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

2. Government expands through all but:
(a) welfare programs
(b) regulatory activities
(c) nationalization
(d) private enterprise

3. What is the cause of the failure of many welfare programs?
(a) design and implementation flaws
(b) lack of interest by the government
(c) lack of recipients
(d) lack of interest by the public

4. The higher price of pencils results in all but the following:
(a) better worker condiciton for pencil prolduction workers
(b) fewer pencils
(c) the firing of more workers to produce pencils
(d) higher wages for pencil production workers

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

Short Answer Questions

1. A tariff implemented to raise employment in the domestic nation:

2. Adam Smith says that voluntary exchange will not take place unless:

3. The term human capital refers to the:

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

5. The Employment Act of 1946 dictated government's responsibility for all but the following:

(see the answer key)

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