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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. After World War II government expansion was due to:
(a) finance
(b) nationalization of industry
(c) central economic planning
(d) commerce

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

3. In regard to equality and liberty:
(a) they are two independent concepts
(b) there is a relationship between the two
(c) there is a slight relationship between the two
(d) there is no relationship betwen the two

4. What functions as the central bank for the United States?
(a) the Bank of England
(b) the Federal Reserve System
(c) Chase Bank
(d) the Bank of the United States

5. Which of the following is not a function of the price system:
(a) efficient use of resources
(b) government established prices
(c) distribution of income
(d) transmitting information

Short Answer Questions

1. A coordinated restriction of payments by banks is used:

2. The first head of the Federal Reserve System was:

3. Prices function to transmit information to all but:

4. The Federal Deposit Insurance Corporation:

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

(see the answer key)

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