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 command elements of every economy include things like:
(a) court orders
(b) military conscription
(c) forbidding the purchase and sales of heroin
(d) prices

2. Which of the following is not a New Deal program?
(a) unemployment insurance
(b) social security
(c) public assistance
(d) Great Society

3. A run on a bank occurs when depositors:
(a) depositors refuse to deposit money
(b) depositors refuse loans
(c) try to withdraw their money in cash at the same time
(d) the bank refuses to make loans

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

5. After World War II there was a lot of interest in:
(a) laissez-faire capitalism
(b) imperialism
(c) central economic planning
(d) the price system

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

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

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

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

10. Policies based on fair shares or 'to each according to his needs' have resulted in severe lack of liberties in all but the following:
(a) China
(b) Cambodia
(c) United States
(d) Russia

11. When the Fed sells bonds:
(a) depositors see a decline in their bank accounts
(b) the banks can make more loans
(c) the monetary reserves of the banking system decrease
(d) the economy experiences inflation

12. The infant industry argument for protection says a:
(a) all new industries should be given protection
(b) new industry should be given protection until it matures and can compete on its own
(c) no industries should receive protection
(d) only certain industries should receive protection

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

14. Protection refers to:
(a) safe production methods
(b) insurance and benefits for workers
(c) insurance on shipments
(d) tariffs and other trade restrictions

15. Some people support tariffs because they think that tariffs:
(a) create jobs
(b) result in increased efficiency
(c) lower prices
(d) offer protection for consumer

Short Answer Questions

1. Equality before God means:

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

3. The distribution of income is determined by all but the following:

4. Black Thursday, October 24, 1929, refers to the:

5. Which of the following is not one of Adam Smith's duties of government?

(see the answer keys)

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