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

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

3. Objections to the school voucher plan include all but the following:
(a) there would be an increase in total costs of education
(b) there might be a constitutional church-state issue
(c) it would decrease the quality of education
(d) there is the possibility of fraud

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

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

Short Answer Questions

1. The Employment Act of 1946 dictated government's responsibility for all but the following:

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

3. Free trade takes place when:

4. What words did Thomas Jefferson write?

5. Kenneth B. Clark describes public school system as:

(see the answer key)

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