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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 8, Who Protects the Worker?.

Multiple Choice Questions

1. At the time the book was written, how many workers belonged to unions?
(a) one in four
(b) one in two
(c) one in three
(d) one in five

2. An economic contraction means all but the following:
(a) unemployment
(b) decreased output
(c) lower levels of income
(d) increased output

3. When the Fed sells bonds:
(a) the banks can make more loans
(b) the monetary reserves of the banking system decrease
(c) depositors see a decline in their bank accounts
(d) the economy experiences inflation

4. A run on a bank occurs when depositors:
(a) depositors refuse to deposit money
(b) try to withdraw their money in cash at the same time
(c) the bank refuses to make loans
(d) depositors refuse loans

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

Short Answer Questions

1. What did Alexis de Tocqueville say was the outstanding characteristic of America?

2. Which of the following is not a way of rationing high paying jobs:

3. What problems have there been with unions?

4. What does Friedman call one of the most successful labor unions in history?

5. In Great Britain:

(see the answer key)

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