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

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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 5, Created Equal.

Multiple Choice Questions

1. The United States banking system is:
(a) a full reserve system
(b) not dependent on reserves
(c) a no reserve system
(d) a fractional reserve system

2. Which of the following is not one of Adam Smith's duties of government?
(a) protection of members of society who are not responsible, such as children
(b) protect members from coercion
(c) correct for third party effects
(d) administration of justice

3. Prices function to transmit information to all but:
(a) manufacturerr
(b) no one in particular
(c) buyers
(d) sellers

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

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

Short Answer Questions

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

2. When the Fed sells bonds:

3. According to Friedman, the former Soviet economy was based on:

4. Equality of outcomes is related to:

5. The economist that changed the way of economic thinking regarding depressions was:

(see the answer key)

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