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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 4, Cradle to Grave.

Multiple Choice Questions

1. International trade theory is based on:
(a) inflows and outflows
(b) the principle of comparative advantage
(c) geography
(d) the principle of absolute advantage

2. Open Market Operations refers to:
(a) the purchase and sale of government bonds
(b) stock market operations
(c) a department store sale
(d) flooding the market with junk bonds

3. Which of the following was not a part of the 1964 War on Poverty program?
(a) Medicare
(b) Social Security
(c) food stamps
(d) Medicaid

4. The infant industry argument for protection says a:
(a) only certain industries should receive protection
(b) new industry should be given protection until it matures and can compete on its own
(c) no industries should receive protection
(d) all new industries should be given protection

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

Short Answer Questions

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

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

3. Which of the following is not a New Deal program?

4. An exchange rate is the:

5. A coordinated restriction of payments by banks is used:

(see the answer key)

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