Free to Choose: A Personal Statement Test | Mid-Book Test - Medium

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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

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

2. What is the cause of the failure of many welfare programs?
(a) design and implementation flaws
(b) lack of interest by the public
(c) lack of interest by the government
(d) lack of recipients

3. The distribution of income is determined by all but the following:
(a) the price that resource receives in the market
(b) the productive resource supplied
(c) the quality of the resource
(d) reputation

4. The Federal Deposit Insurance Corporation:
(a) guarantees deposits against a loss up to a stated amount
(b) provides mortgage insurance for homeowners
(c) guarantees the repayment of bank loans
(d) guarantees the full amount of all deposits against loss

5. The Employment Act of 1946 dictated government's responsibility for all but the following:
(a) taxes
(b) purchasing power
(c) production
(d) employment

Short Answer Questions

1. The economy functions on the basis of:

2. When the Fed sells bonds:

3. The country whose post-World War II domestic policy was aimed at promoting equality of outcomes is:

4. Which of the following is not a function of the price system:

5. An egalitarian supports:

Short Essay Questions

1. What did Jefferson mean by unalienable rights?

2. What did Thomas Jefferson mean when he wrote of equality?

3. What are Open Market Operations?

4. What are the characteristics of the Great Depression of 1929?

5. What is meant by equality of opportunity?

6. England has a successful National Health Service that many people think the United States should have. What are the problems with the British program?

7. What happens when a nation imposes tariffs to protect domestic jobs?

8. Why weren't the New Deal programs carried to completion?

9. How has the concept of equality changed over time?

10. What is the concept of the invisible hand?

(see the answer keys)

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