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

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) it is commanded
(d) one party can profits

3. Which of the following is not a problem experienced by the British National Health Service?
(a) strikes
(b) lack of citizen interest
(c) rising costs
(d) long waiting lists of patients

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

5. After World War II government expansion was due to:
(a) central economic planning
(b) commerce
(c) nationalization of industry
(d) finance

Short Answer Questions

1. What is the cause of the failure of many welfare programs?

2. Free markets lead to:

3. Government subsidies to industry are viewed as:

4. After World War II there was a lot of interest in:

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

(see the answer key)

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