|Name: _________________________||Period: ___________________|
This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. An unfavorable balance of payments situation meant:
2. A change in prices affects all but the following:
3. Regarding the depression, Roosevelt's adviser's believed in:
4. The major welfare program in the United States is:
5. Children from wealthy backgrounds have better chances in education and employment. This it not representative of:
Short Essay Questions
1. What happens when a nation imposes tariffs to protect domestic jobs?
2. England has a successful National Health Service that many people think the United States should have. What are the problems with the British program?
3. How has the concept of equality changed over time?
4. What is meant by equality of outcome?
5. Why are subsidies considered to be a form of unfair competition?
6. What did Thomas Jefferson mean when he wrote of equality?
7. What did Jefferson mean by unalienable rights?
8. What happens if there in interference with prices?
9. What did the Great Depression of 1929 prove to the public?
10. What are the three functions of prices?
Write an essay for ONE of the following topics:
Essay Topic 1
Do workers in America need protection in the labor market? Why or why not? What kinds of laws are there that protect workers? Are you in favor of these laws?
Essay Topic 2
Friedman believes that government spending is less damaging than other forms of government controls. What are these other forms of government controls and why are they damaging? Do you agree with Friedman?
Essay Topic 3
Why does an economy need money? What items have functioned as money over the course of history? What characteristics does an item need to function as money?
This section contains 591 words
(approx. 2 pages at 300 words per page)