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

2. Interested sophistry refers to:
(a) a new production technique
(b) buy cheap and selling high
(c) the knowledge of consumers
(d) a new marketing tool

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

4. What functions as the central bank for the United States?
(a) the Bank of the United States
(b) Chase Bank
(c) the Bank of England
(d) the Federal Reserve System

5. The economy functions on the basis of:
(a) government direction
(b) voluntary cooperation
(c) orders
(d) command

Short Answer Questions

1. Trade restrictions create:

2. What kind of international trade is best?

3. Prices function to transmit information to all but:

4. What interferes with the transmittal of information by prices?

5. The Federal Deposit Insurance Corporation:

(see the answer key)

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