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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 a public assistance program?
(a) Aid to Families with Dependent Children
(b) food stamps
(c) Medicaid
(d) Earned Income Credit

2. One way of restricting entry to an occupation or profession is through:
(a) rules
(b) laws
(c) licensure
(d) agreement

3. Adam Smith says that voluntary exchange will not take place unless:
(a) both parties benefit from it
(b) the government can tax the transaction
(c) it is commanded
(d) one party can profits

4. The union does all but the following for its members:
(a) negotiates terms of employment
(b) represents them in a grievance hearing
(c) negotiates wages
(d) pays for their on-the-job meals

5. As a result of inflation, there is:
(a) decrease in prices
(b) no change in prices
(c) an increase in prices
(d) more goods and services to buy

Short Answer Questions

1. Inflation results when:

2. What words did Thomas Jefferson write?

3. Which of the following is considered a form of government assistance to construction workers?

4. A change in prices affects all but the following:

5. As a result of inflation:

(see the answer key)

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