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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. The economy functions on the basis of:
(a) voluntary cooperation
(b) government direction
(c) command
(d) orders

2. The United States banking system is:
(a) a no reserve system
(b) not dependent on reserves
(c) a full reserve system
(d) a fractional reserve system

3. Prices function to transmit information to all but:
(a) manufacturerr
(b) sellers
(c) no one in particular
(d) buyers

4. An exchange rate is the:
(a) the way trade barriers are established
(b) interest rate in the foreign country
(c) bill of lading
(d) price of one currency in terms of another currency

5. The New Deal programs were not carried to their completion because of:
(a) World War I
(b) the end of the Depression
(c) the government ran out of money
(d) World War II

Short Answer Questions

1. New Deal temporary programs included all but:

2. Open Market Operations refers to:

3. The command elements of every economy include things like:

4. An economic contraction means all but the following:

5. Restrictions of payments refers to:

(see the answer key)

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