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. Which of the following is not a method of unions securing higher wages?
(a) restricting jobs
(b) the free market
(c) collusion with the employer
(d) enforcing a higher wage

2. The first schools were:
(a) `public with mandatory attendance
(b) private with voluntary attendance
(c) private with mandatory attendance
(d) public with voluntary attendance

3. All but one of the following are the result of the growth of government:
(a) more paperwork
(b) lower costs
(c) higher costs
(d) more special interest groups

4. During a hyperinflation:
(a) prices fail quickly
(b) none of the above
(c) prices may double during a day
(d) wages increase faster than prices

5. The amount of time from the increase in the quantity of money and the rise in prices is about:
(a) eighteen months
(b) six months
(c) immediate
(d) one year

6. One way of restricting entry to an occupation or profession is through:
(a) laws
(b) licensure
(c) agreement
(d) rules

7. Parents who send their children to private schools:
(a) pay a lower amount of taxes for public schools
(b) none of the above
(c) still pay taxes for public schools
(d) pay not taxes for public schools

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

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

10. What does Friedman call one of the most successful labor unions in history?
(a) autoworkers
(b) the AMA
(c) carpenters
(d) plumbers

11. Inflation results when:
(a) the money supply increases more rapidly than the level of output
(b) the money supply and the output level increase at the same rate
(c) the money supply increases less rapidly than the level of output
(d) there is no relation between output level and money supply

12. Government spending can be financed by all but:
(a) decreasing the money supply
(b) taxes
(c) increasing the money supply
(d) borrowing

13. Printing new money to increase the quantity of money is:
(a) highly inflationary
(b) good economic policy
(c) good for stability
(d) the only way most governments can survive

14. The railroads:
(a) refused to join the ICC
(b) ignored the ICC
(c) bitterly opposed the formation of the ICC
(d) used the ICC to support their price fixing and market sharing agreementsq

15. Objections to the school voucher plan include all but the following:
(a) there might be a constitutional church-state issue
(b) there is the possibility of fraud
(c) it would decrease the quality of education
(d) there would be an increase in total costs of education

Short Answer Questions

1. Most of the ICC staff came from the:

2. Union high wages are usually at the expense of:

3. Before the formation of the ICC, the railroad industry experienced all but the following:

4. Friedman suggests constitutional amendments to limit government in all but the following areas:

5. According to Friedman what was not a reason for accelerated U.S. monetary growth over a fifteen-year period?

(see the answer keys)

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