Free to Choose: A Personal Statement Test | Final 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. All but the following have resulted from centralization in schooling:
(a) more choice for consumers
(b) less choice for consumers
(c) increased power for administrators
(d) larger scale units

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

3. Barter:
(a) is the exchange of one good or service for another good or service
(b) is the exchange ratio of money
(c) establishes the value of money
(d) is the exchange of money for goods and services

4. Special interest groups result in:
(a) better legislation for everyone
(b) common support for good causes
(c) higher costs
(d) a reduction in costs

5. All but the following are functions of the CPSC:
(a) to help consumers evaluate products
(b) advertising
(c) development of standards for consumer products
(d) conduct safety tests on products

Short Answer Questions

1. The purpose of the EPA is to:

2. According to Friedman what was not a reason for accelerated U.S. monetary growth over a fifteen-year period?

3. In Great Britain, the post World War II trend has been toward:

4. Regarding public and private colleges and universities, the number of students who complete the undergraduate degrees is:

5. The trucking industry was brought under ICC jurisdiction in:

Short Essay Questions

1. Most Western nations have economic goals and objectives. What happens when they fail to attain them?

2. What does Friedman feel has been more damaging that government spending in terms of government controls?

3. Who benefits the most from a school voucher program?

4. Explain the relationship between the economic policy and the intellectual climate?

5. What does inflation mean for governments or people who are in debit?

6. According to Friedman, what policy would promote economic stability?

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

8. Do all workers benefit from unions?

9. What are the two big issues faced in new drug approval?

10. What have parents been complaining of in recent years regarding public education?

(see the answer keys)

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