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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. The airline industry is regulated by:
(a) the Air Force
(b) the Department of Transportation
(c) the Civil Aeronautics Board
(d) none of the above

2. The Department of Energy was formed in response to the:
(a) to produce oil
(b) the need for oil
(c) formation of OPEC
(d) series of energy crises in the 1970s

3. Wages increasing faster than productivity is:
(a) none of the above
(b) a cause of inflation
(c) a result of inflation
(d) the result of poor equipment

4. Most of the funding for public education is provided by the:
(a) federal government
(b) county
(c) city
(d) state

5. The reason given for regulation of industry is to:
(a) force higher prices
(b) stabilize the industry
(c) protect the consumer
(d) protect the industry from the effects of competition

Short Answer Questions

1. Which of the following laws is not specifically aimed at protection of workers?

2. Friedman favors:

3. Modern labor unions trace their roots back:

4. In terms of goods, the price of money:

5. Special interest groups result in:

Short Essay Questions

1. What are Friedman's views regarding big government?

2. What is the big advantage of the school voucher programs?

3. Who led the effort for public education?

4. After the Depression and the centralization of government, education and schooling also became centralized. What are the effects of this centralization?

5. Why do increases in the minimum wage result in unemployment?

6. What is the cause of inflation?

7. What is the purpose given for regulation of industry?

8. How do industries gain control, or capture, the commission that regulates them?

9. In what ways is the American Medical Association a labor union?

10. As America was settled, what was one of the first things communities established?

(see the answer keys)

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