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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. During a hyperinflation:
(a) prices fail quickly
(b) wages increase faster than prices
(c) none of the above
(d) prices may double during a day

2. In what ways does competition protect the consumer?
(a) by the information provided with the product
(b) through the honesty of sellers
(c) by advertising
(d) consumers will not continually buy shoddy products

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

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

5. The Principle of Comparative Advantage states that a nation should specialize in:
(a) all goods
(b) the production of goods in which it is relatively more efficient than the other nation
(c) has the most of
(d) can get the highest price for

Short Answer Questions

1. The New Deal programs were not carried to their completion because of:

2. The airline industry is regulated by:

3. The programs of the Roosevelt administration designed to deal with the Depression are called the:

4. Which of the following is not a problem experienced by the British National Health Service?

5. What is the cause of the failure of many welfare programs?

(see the answer key)

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