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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 7, Who Protects the Consumer?.

Multiple Choice Questions

1. Restrictions of payments refers to:
(a) depositors inability to write checks
(b) government's inability to pay its bills
(c) government's refusal to pay benefits
(d) banks' refusal to give currency on demand to depositors who tried to make withdrawals

2. Government measures to promote fair shares for all:
(a) create harmony
(b) have no affefct on liberty
(c) enhance liberty
(d) reduce liberty

3. The equality of outcomes approach is based on:
(a) contribution to output
(b) fair shares for everyone
(c) incentive
(d) rewarding those who work hard

4. Who would benefit the most from an increased quality of schooling from a school voucher program?
(a) lower income classes
(b) all income classes would benefit equally
(c) the upper income classes
(d) the middle income classes

5. In what ways does competition protect the consumer?
(a) consumers will not continually buy shoddy products
(b) by advertising
(c) through the honesty of sellers
(d) by the information provided with the product

Short Answer Questions

1. Which of the following is not a function of the price system:

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

3. Trade restrictions create:

4. Before the formation of the ICC, the railroad industry experienced all but the following:

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

(see the answer key)

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