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

2. Free markets lead to:
(a) less individual freedom
(b) greater individual freedom
(c) bankruptcy
(d) economic tyrrany

3. The purpose of urban renewal projects is to:
(a) eliminate slums
(b) finance the building of offices
(c) build housing projects
(d) provide low cost housing

4. The legislation for the Federal Reserve System came into being as a result of:
(a) the Great Depression of 1909
(b) runs on banks
(c) the collapse of the stock market
(d) public works programs

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

Short Answer Questions

1. The term human capital refers to the:

2. New Deal temporary programs included all but:

3. What kind of international trade is best?

4. The program that is proposed as a replacement for all welfare programs is the:

5. Protection refers to:

(see the answer key)

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