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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. The trucking industry was brought under ICC jurisdiction in:
(a) 1948
(b) 1935
(c) 1943
(d) 1952

2. Free trade takes place when:
(a) when producers want to see a good
(b) when one party can benefit
(c) when consumers want a good
(d) all parties feel they can benefit

3. An unfavorable balance of payments situation meant:
(a) a surplus
(b) equality of inflows and outflows
(c) nothing
(d) a deficit

4. Gresham's Law says that:
(a) bad money drives out good
(b) good money decreases
(c) good money multiplies
(d) good money drives out bad

5. As a result of inflation:
(a) consumers feel richer
(b) consumers buy more goods and services
(c) one dollar buys fewer goods and services
(d) one dollar buys more goods and services

Short Answer Questions

1. According to Friedman, who is most likely to produce a shoddy product?

2. Which New Deal programs were declared unconstitutional?

3. According to Friedman, the former Soviet economy was based on:

4. Which of the following is not a public assistance program?

5. Interested sophistry refers to:

(see the answer key)

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