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

2. New Deal temporary programs included all but:
(a) direct federal relief to the indigent
(b) WPA
(c) Civilian Conservations Corps
(d) medicine

3. In regard to equality and liberty:
(a) there is a slight relationship between the two
(b) there is a relationship between the two
(c) they are two independent concepts
(d) there is no relationship betwen the two

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

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

Short Answer Questions

1. International trade theory is based on:

2. The Federal Reserve Act was legislated in:

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

4. What functions as the central bank for the United States?

5. Open Market Operations refers to:

Short Essay Questions

1. What did Jefferson mean by unalienable rights?

2. What are Open Market Operations?

3. What were the New Deal programs?

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

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

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

7. What is meant by equality of opportunity?

8. What is meant by equality of outcome?

9. What is the Principle of Comparative Advantage?

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

(see the answer keys)

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