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 words equality and liberty come from the:
(a) welfare legislation
(b) dictionary
(c) Declaration of Independence
(d) common usage

2. What kind of international trade is best?
(a) trade with restrictions
(b) partically free trade
(c) no trade
(d) free trade

3. Government expands through all but:
(a) regulatory activities
(b) private enterprise
(c) nationalization
(d) welfare programs

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

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

6. A change in prices affects all but the following:
(a) nothing
(b) incentrive to act on information
(c) procedures income
(d) wages

7. The first thing Roosevelt did after his inauguration was to:
(a) order people to work
(b) authorize open market operations
(c) order banks to close for a bank holiday
(d) raise taxes on profits

8. Regarding the depression, Roosevelt's adviser's believed in:
(a) aggressive intervention by government
(b) no intervention in the economy
(c) a balanced budget
(d) waiting for the economy to heal itself

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

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

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

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

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

14. Equality before the law refers to all but:
(a) nationality
(b) innate abilities
(c) religion
(d) race

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

Short Answer Questions

1. Prices function to transmit information to all but:

2. New Deal temporary programs included all but:

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

4. The economy functions on the basis of:

5. According to Friedman, the former Soviet economy was based on:

(see the answer keys)

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