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

2. A tariff implemented to raise employment in the domestic nation:
(a) benefits all consumers
(b) lowers employment in the foreign nation
(c) benefits all workers
(d) has no effect on employment

3. Interested sophistry refers to:
(a) buy cheap and selling high
(b) a new marketing tool
(c) the knowledge of consumers
(d) a new production technique

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

5. Economic freedom refers to all but which of the following:
(a) ability to select what investments to make
(b) forced savings
(c) ability to choose how much to spend
(d) ability to decide what goods to purchase

Short Answer Questions

1. Free international trade results in better relations between individuals who differ in all but:

2. What is a good source of information on prices and markets?

3. Free trade takes place when:

4. The United States banking system is:

5. The distribution of income is determined by all but the following:

(see the answer key)

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