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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 9, The Cure for Inflation.

Multiple Choice Questions

1. Which of the following is not one of Adam Smith's duties of government?
(a) correct for third party effects
(b) administration of justice
(c) protect members from coercion
(d) protection of members of society who are not responsible, such as children

2. Which kind of worker has no protection?
(a) federal employees
(b) workers with no possible employer
(c) states employees
(d) employees of a conglomerate

3. The term human capital refers to the:
(a) machinery in the factory
(b) kinds of inputs the worker uses
(c) output produced by a fasting
(d) personal productive capacity of an individual

4. In Great Britain:
(a) most labor unions represent workers of nationalized industry
(b) workers represent themselves
(c) there are no labor unions
(d) labor unions are weak

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

Short Answer Questions

1. Policies based on fair shares or 'to each according to his needs' have resulted in severe lack of liberties in all but the following:

2. The first schools were:

3. The higher price of pencils results in all but the following:

4. Barter:

5. Printing new money to increase the quantity of money is:

(see the answer key)

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