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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. Adam Smith wrote:
(a) Economic Made Simple
(b) The Wealth of Nations
(c) The Price System
(d) Das Kapital

2. Protection refers to:
(a) safe production methods
(b) insurance on shipments
(c) insurance and benefits for workers
(d) tariffs and other trade restrictions

3. A change in prices affects all but the following:
(a) nothing
(b) wages
(c) procedures income
(d) incentrive to act on information

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

5. What is a good source of information on prices and markets?
(a) the Sunday paper
(b) The Wall Street Journal
(c) word of mouth
(d) a weekly magazine

Short Answer Questions

1. The national security argument for protection states that:

2. Which of the following is not a function of the price system:

3. What action did the Fed take after England abandoned the gold standard?

4. Free international trade results in better relations between individuals who differ in all but:

5. A deposit represents:

(see the answer key)

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