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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 3, The Anatomy of Crisis.

Multiple Choice Questions

1. The economist that changed the way of economic thinking regarding depressions was:
(a) David Ricardo
(b) Adam Smith
(c) John Maynard Keynes
(d) Milton Friedman

2. Government subsidies to industry are viewed as:
(a) a way to increase efficiency
(b) a necessity
(c) unfair competition
(d) good economic policy

3. Free international trade results in better relations between individuals who differ in all but:
(a) attitudes
(b) beliefs
(c) nationalities
(d) interests

4. The United States banking system is:
(a) a full reserve system
(b) a no reserve system
(c) not dependent on reserves
(d) a fractional reserve system

5. The national security argument for protection states that:
(a) all industries should be protected
(b) protection promotes national welfare
(c) industries vital to national defense should be given protection
(d) protection is not in the best national interest

Short Answer Questions

1. Black Thursday, October 24, 1929, refers to the:

2. What functions as the central bank for the United States?

3. Economic freedom refers to all but which of the following:

4. Prices function to transmit information to all but:

5. A tariff implemented to raise employment in the domestic nation:

(see the answer key)

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