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 legislation for the Federal Reserve System came into being as a result of:
(a) runs on banks
(b) the Great Depression of 1909
(c) the collapse of the stock market
(d) public works programs

2. Governments intervene in foreign currency markets:
(a) by increasing imports
(b) by buying and selling domenstic and foreign currency
(c) by refusing to release currency to the market
(d) by increasing exports

3. An egalitarian supports:
(a) get rich quick schemes
(b) programs resulting in greater liberty
(c) total freedom for all
(d) equality of outcomes

4. Equality of outcomes is related to:
(a) right to own property
(b) education
(c) fairness or fair shares
(d) rights to open a business

5. An exchange rate is the:
(a) price of one currency in terms of another currency
(b) the way trade barriers are established
(c) interest rate in the foreign country
(d) bill of lading

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

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

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

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

10. An economic contraction means all but the following:
(a) lower levels of income
(b) unemployment
(c) decreased output
(d) increased output

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

12. A coordinated restriction of payments by banks is used:
(a) intensify a run on banks
(b) meet the public's demands for currency
(c) faster a monetary expansion
(d) to stop a run on banks

13. Free trade takes place when:
(a) all parties feel they can benefit
(b) when consumers want a good
(c) when one party can benefit
(d) when producers want to see a good

14. Children from wealthy backgrounds have better chances in education and employment. This it not representative of:
(a) equality before God
(b) equality of opportunity
(c) equal rights
(d) equality of outcomes

15. Equality is discussed in all but the following ways:
(a) outcomes
(b) before God
(c) in every way
(d) opportunity

Short Answer Questions

1. Open Market Operations refers to:

2. International trade theory is based on:

3. Fair shares programs penalize the:

4. An unfavorable balance of payments situation meant:

5. Interested sophistry refers to:

(see the answer keys)

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