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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. A market failure occurs when:
(a) an action or transaction affects third parties
(b) a producer goes bankrupt
(c) the production of a good is discontinued
(d) a producer finds there is no demand for his good

2. The Great Depression began in:
(a) 1934
(b) 1929
(c) 1931
(d) 1940

3. Government expands through all but:
(a) regulatory activities
(b) private enterprise
(c) welfare programs
(d) nationalization

4. Trade restrictions create:
(a) increase levels of trade
(b) a more competitive environment
(c) a good political situation
(d) friction between nations

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

Short Answer Questions

1. Regarding the depression, Roosevelt's adviser's believed in:

2. The term human capital refers to the:

3. A change in prices affects all but the following:

4. The New Deal programs were not carried to their completion because of:

5. New Deal temporary programs included all but:

(see the answer key)

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