|Name: _________________________||Period: ___________________|
This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.
Multiple Choice Questions
1. During a hyperinflation:
(a) prices fail quickly
(b) none of the above
(c) prices may double during a day
(d) wages increase faster than prices
2. The trucking industry was brought under ICC jurisdiction in:
3. Most of the ICC staff came from the:
(a) stock market
(b) were laymen
(c) railroad industry
4. In Friedman's view, special interests:
(a) should be eliminated
(b) prevail at the expense of the general interest
(c) promote the general interest
(d) are vital to the welfare of the economy
5. The growth of bureaucracy leads to:
(a) faster resolution of problems
(b) lower costs
(c) a conflict between desired objectives
(d) greater efficiency
Short Answer Questions
1. Kenneth B. Clark describes public school system as:
2. Inflation results when:
3. Who would benefit the most from an increased quality of schooling from a school voucher program?
4. One way of restricting entry to an occupation or profession is through:
5. To function as a medium of exchange, an item must be:
Short Essay Questions
1. In what way does the market function to protect consumers?
2. What does Friedman feel has been more damaging that government spending in terms of government controls?
3. In recent years, in what sector have unions experienced growth?
4. According to Friedman, what policy would promote economic stability?
5. Who led the effort for public education?
6. Why do increases in the minimum wage result in unemployment?
7. Do all workers benefit from unions?
8. What is the big advantage of the school voucher programs?
9. What are Friedman's views regarding big government?
10. What does inflation mean for governments or people who are in debit?
This section contains 617 words
(approx. 3 pages at 300 words per page)