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

2. Which of the following was not a part of the 1964 War on Poverty program?
(a) Medicaid
(b) food stamps
(c) Social Security
(d) Medicare

3. A market failure occurs when:
(a) a producer goes bankrupt
(b) the production of a good is discontinued
(c) a producer finds there is no demand for his good
(d) an action or transaction affects third parties

4. The first head of the Federal Reserve System was:
(a) Benjamin Strong
(b) Alexander Hamilton
(c) Alan Greenspan
(d) J.P. organ

5. Equality before God means:
(a) total freedom
(b) the right to do whatever one wants
(c) the right to an equal income
(d) personal equality

Short Answer Questions

1. The program that is proposed as a replacement for all welfare programs is the:

2. Equality before the law refers to all but:

3. New Deal temporary programs included all but:

4. Protection refers to:

5. Trade restrictions create:

(see the answer key)

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