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

2. Which New Deal programs were declared unconstitutional?
(a) WPA and NRA
(b) Social Security
(c) AAA and WPA
(d) NRA and AAA

3. The national security argument for protection states that:
(a) protection is not in the best national interest
(b) all industries should be protected
(c) industries vital to national defense should be given protection
(d) protection promotes national welfare

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

5. The Federal Deposit Insurance Corporation:
(a) guarantees the repayment of bank loans
(b) guarantees the full amount of all deposits against loss
(c) guarantees deposits against a loss up to a stated amount
(d) provides mortgage insurance for homeowners

Short Answer Questions

1. An economic contraction means all but the following:

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

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

4. Black Thursday, October 24, 1929, refers to the:

5. The Principle of Comparative Advantage states that a nation should specialize in:

(see the answer key)

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