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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. What is a good source of information on prices and markets?
(a) The Wall Street Journal
(b) word of mouth
(c) the Sunday paper
(d) a weekly magazine

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

3. Protection refers to:
(a) insurance and benefits for workers
(b) insurance on shipments
(c) safe production methods
(d) tariffs and other trade restrictions

4. Which bank failure precipitated the banking crisis of 1930?
(a) Knickerbocker Trust
(b) The Bank of the United States
(c) Bank of England
(d) Chase

5. The term human capital refers to the:
(a) kinds of inputs the worker uses
(b) personal productive capacity of an individual
(c) output produced by a fasting
(d) machinery in the factory

Short Answer Questions

1. Black Thursday, October 24, 1929, refers to the:

2. Which of the following is not one of Adam Smith's duties of government?

3. Government subsidies to industry are viewed as:

4. An economic contraction means all but the following:

5. Restrictions of payments refers to:

(see the answer key)

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