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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. Governments intervene in foreign currency markets:
(a) by refusing to release currency to the market
(b) by increasing exports
(c) by increasing imports
(d) by buying and selling domenstic and foreign currency

2. The infant industry argument for protection says a:
(a) only certain industries should receive protection
(b) new industry should be given protection until it matures and can compete on its own
(c) all new industries should be given protection
(d) no industries should receive protection

3. What functions as the central bank for the United States?
(a) the Federal Reserve System
(b) the Bank of the United States
(c) the Bank of England
(d) Chase Bank

4. Regarding the depression, Roosevelt's adviser's believed in:
(a) aggressive intervention by government
(b) no intervention in the economy
(c) waiting for the economy to heal itself
(d) a balanced budget

5. Some people support tariffs because they think that tariffs:
(a) create jobs
(b) offer protection for consumer
(c) lower prices
(d) result in increased efficiency

Short Answer Questions

1. The major welfare program in the United States is:

2. An economic contraction means all but the following:

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

4. Protection refers to:

5. The higher price of pencils results in all but the following:

(see the answer key)

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