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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. Some people support tariffs because they think that tariffs:
(a) create jobs
(b) result in increased efficiency
(c) lower prices
(d) offer protection for consumer

2. The distribution of income is determined by all but the following:
(a) the quality of the resource
(b) reputation
(c) the productive resource supplied
(d) the price that resource receives in the market

3. The legislation for the Federal Reserve System came into being as a result of:
(a) the collapse of the stock market
(b) the Great Depression of 1909
(c) runs on banks
(d) public works programs

4. Economic freedom refers to all but which of the following:
(a) forced savings
(b) ability to choose how much to spend
(c) ability to decide what goods to purchase
(d) ability to select what investments to make

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

Short Answer Questions

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

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

3. Open Market Operations refers to:

4. The Principle of Comparative Advantage states that a nation should specialize in:

5. The term human capital refers to the:

(see the answer key)

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