Free to Choose: A Personal Statement Test | Final Test - Easy

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

Multiple Choice Questions

1. Special interest groups result in:
(a) common support for good causes
(b) better legislation for everyone
(c) a reduction in costs
(d) higher costs

2. Barter:
(a) is the exchange of one good or service for another good or service
(b) is the exchange of money for goods and services
(c) establishes the value of money
(d) is the exchange ratio of money

3. Friedman favors:
(a) bigger government
(b) expanding the scope of government
(c) limiting the growth of government
(d) more government controls

4. In the tobacco economy, inflation occurred when there was:
(a) no tobacco
(b) too little tobacco
(c) they switched to wampum
(d) too much tobacco

5. What problems have there been with unions?
(a) salaries lag the non-union sector
(b) misuse and misappropriation of funds
(c) fraud
(d) not enough members

6. To function as a medium of exchange, an item must be:
(a) easy to carry
(b) valuable
(c) printed
(d) accepted in exchange for goods and services

7. Washington D.C.:
(a) prohibits lobbyists
(b) limits the number of lawyers
(c) limits the number of special interests groups
(d) is a magnet for special interest groups

8. One of the big complaints of parents is that they:
(a) have little control or choice regarding their children's education
(b) the school day is too short
(c) parents are asked to do too much with the school given their busy schedules
(d) spend too much time in parent-teacher conferences

9. In Great Britain:
(a) labor unions are weak
(b) most labor unions represent workers of nationalized industry
(c) workers represent themselves
(d) there are no labor unions

10. In Virginia in the 1600s, what functioned as money?
(a) wampum
(b) gold
(c) tobacco
(d) beads

11. In what ways does competition protect the consumer?
(a) through the honesty of sellers
(b) by advertising
(c) consumers will not continually buy shoddy products
(d) by the information provided with the product

12. In the mid-nineteenth century, the intellectual beliefs favored:
(a) limited international trade
(b) public ownership
(c) free trade and private enterprise
(d) government control of the economy

13. What does Friedman believe would be an effective way of reversing the trend toward bigger government?
(a) new legislation
(b) adoption of an economic Bill of Rights
(c) limiting budgets
(d) eliminating special interest groups

14. Friedman believes that the income tax system is:
(a) needs more loopholes
(b) based on ability to pay
(c) in need of reform
(d) equitable

15. In Western nations, when a government doesn't achieve its economic goals:
(a) nothing happens
(b) they keep trying
(c) there is usually a change of regimes
(d) the situation continues

Short Answer Questions

1. All but the following are functions of the CPSC:

2. What must an interstate public carrier have in order to operate?

3. Gresham's Law says that:

4. All but one of the following are the result of the growth of government:

5. In the 1920s, what publications were the leading intellectual journals of opinion?

(see the answer keys)

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