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

2. The programs of the Roosevelt administration designed to deal with the Depression are called the:
(a) financial assistance programs
(b) New Deal programs
(c) balanced budget programs
(d) laissez-faire programs

3. Prices function to transmit information to all but:
(a) manufacturerr
(b) no one in particular
(c) buyers
(d) sellers

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

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

Short Answer Questions

1. Enforced equality is a part of life in:

2. What did Alexis de Tocqueville say was the outstanding characteristic of America?

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

4. When the Fed sells bonds:

5. Adam Smith says that voluntary exchange will not take place unless:

Short Essay Questions

1. What are the results of trade barriers?

2. In what way did Roosevelt and his advisers break with traditional economies?

3. What did Jefferson mean by unalienable rights?

4. What is the infant industry argument for protection?

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

6. What did the Great Depression of 1929 prove to the public?

7. Why are subsidies considered to be a form of unfair competition?

8. Which of the three kinds of equality causes a conflict with liberty?

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

10. What are Open Market Operations?

(see the answer keys)

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