Free to Choose: A Personal Statement Test | Mid-Book Test - Easy

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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. The term human capital refers to the:
(a) output produced by a fasting
(b) personal productive capacity of an individual
(c) machinery in the factory
(d) kinds of inputs the worker uses

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

3. What words did Thomas Jefferson write?
(a) equality is not a part of freedom
(b) there is no such thing as equality
(c) all men are created equal
(d) equality is not important

4. Government interferes with the price system by:
(a) ignoring it
(b) restraints on international trade
(c) tariffs
(d) action fixing

5. Economic freedom refers to all but which of the following:
(a) forced savings
(b) ability to choose how much to spend
(c) ability to select what investments to make
(d) ability to decide what goods to purchase

6. The Employment Act of 1946 dictated government's responsibility for all but the following:
(a) purchasing power
(b) taxes
(c) production
(d) employment

7. The country whose post-World War II domestic policy was aimed at promoting equality of outcomes is:
(a) Germany
(b) China
(c) Great Britain
(d) Japan

8. The New Deal programs were not carried to their completion because of:
(a) the government ran out of money
(b) the end of the Depression
(c) World War I
(d) World War II

9. Government subsidies to industry are viewed as:
(a) unfair competition
(b) a necessity
(c) good economic policy
(d) a way to increase efficiency

10. Fair shares programs penalize the:
(a) all classes
(b) government
(c) wealthy
(d) poor

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

12. The Great Depression began in:
(a) 1934
(b) 1929
(c) 1940
(d) 1931

13. The Principle of Comparative Advantage states that a nation should specialize in:
(a) has the most of
(b) the production of goods in which it is relatively more efficient than the other nation
(c) can get the highest price for
(d) all goods

14. Which of the following is not a problem experienced by the British National Health Service?
(a) lack of citizen interest
(b) strikes
(c) rising costs
(d) long waiting lists of patients

15. What interferes with the transmittal of information by prices?
(a) actions of buyers
(b) actions of sellers
(c) actions of manufacturers
(d) Governmental control of prices

Short Answer Questions

1. The United States banking system is:

2. When did the concepts of equality before God and the law begin to come closer together?

3. The programs of the Roosevelt administration designed to deal with the Depression are called the:

4. Trade restrictions create:

5. Free international trade results in better relations between individuals who differ in all but:

(see the answer keys)

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