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. Interested sophistry refers to:
(a) a new marketing tool
(b) a new production technique
(c) the knowledge of consumers
(d) buy cheap and selling high

2. Protection refers to:
(a) tariffs and other trade restrictions
(b) insurance on shipments
(c) safe production methods
(d) insurance and benefits for workers

3. An exchange rate is the:
(a) bill of lading
(b) price of one currency in terms of another currency
(c) the way trade barriers are established
(d) interest rate in the foreign country

4. Governments intervene in foreign currency markets:
(a) by refusing to release currency to the market
(b) by increasing exports
(c) by increasing imports
(d) by buying and selling domenstic and foreign currency

5. 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) has the most of
(c) can get the highest price for
(d) all goods

Short Answer Questions

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

2. Government subsidies to industry are viewed as:

3. After World War II government expansion was due to:

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

5. The programs of the Roosevelt administration designed to deal with the Depression are called the:

(see the answer key)

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