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. Black Thursday, October 24, 1929, refers to the:
(a) collapse of the stock market
(b) end of the gold standard
(c) collapse of the banking system
(d) end of government payments

2. The major welfare program in the United States is:
(a) Medicaid
(b) housing assistance
(c) food stamps
(d) Old Age Survivors and Dependants Insurance program

3. The equality of outcomes approach is based on:
(a) fair shares for everyone
(b) contribution to output
(c) rewarding those who work hard
(d) incentive

4. A deposit represents:
(a) a claim against the bank
(b) a liability of the individual
(c) a loan to the individual
(d) money stuffed in a mattress

5. Enforced equality is a part of life in:
(a) communes
(b) government
(c) schools
(d) apartment buildings

Short Answer Questions

1. Equality before God means:

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

3. In regard to equality and liberty:

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

5. Which of the following is not a public assistance program?

Short Essay Questions

1. What happens if there in interference with prices?

2. What did Jefferson mean by unalienable rights?

3. What is a restriction of payments?

4. What is meant by equality of opportunity?

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

7. What good does Friedman use as an example of voluntary exchange?

8. What are the three functions of prices?

9. Why was the Federal Reserve System formed?

10. What are the basics for the production and consumption of goods and services?

(see the answer keys)

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