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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. The higher price of pencils results in all but the following:
(a) better worker condiciton for pencil prolduction workers
(b) higher wages for pencil production workers
(c) fewer pencils
(d) the firing of more workers to produce pencils

2. The command elements of every economy include things like:
(a) military conscription
(b) prices
(c) forbidding the purchase and sales of heroin
(d) court orders

3. Government subsidies to industry are viewed as:
(a) a way to increase efficiency
(b) a necessity
(c) good economic policy
(d) unfair competition

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

5. Black Thursday, October 24, 1929, refers to the:
(a) collapse of the stock market
(b) collapse of the banking system
(c) end of the gold standard
(d) end of government payments

Short Answer Questions

1. The national security argument for protection states that:

2. The Great Depression began in:

3. Trade restrictions create:

4. What functions as the central bank for the United States?

5. The United States banking system is:

(see the answer key)

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