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

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

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

4. Black Thursday, October 24, 1929, refers to the:
(a) collapse of the banking system
(b) collapse of the stock market
(c) end of the gold standard
(d) end of government payments

5. The Principle of Comparative Advantage states that a nation should specialize in:
(a) has the most of
(b) the production of goods in which it is relatively more efficient than the other nation
(c) all goods
(d) can get the highest price for

Short Answer Questions

1. Some people support tariffs because they think that tariffs:

2. The infant industry argument for protection says a:

3. The only kind of capital:

4. The Federal Deposit Insurance Corporation:

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

(see the answer key)

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