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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 first thing Roosevelt did after his inauguration was to:
(a) order people to work
(b) authorize open market operations
(c) order banks to close for a bank holiday
(d) raise taxes on profits

2. The first head of the Federal Reserve System was:
(a) J.P. organ
(b) Alan Greenspan
(c) Alexander Hamilton
(d) Benjamin Strong

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

4. A coordinated restriction of payments by banks is used:
(a) intensify a run on banks
(b) meet the public's demands for currency
(c) faster a monetary expansion
(d) to stop a run on banks

5. Which of the following is not one of Adam Smith's duties of government?
(a) protection of members of society who are not responsible, such as children
(b) protect members from coercion
(c) administration of justice
(d) correct for third party effects

Short Answer Questions

1. What kind of international trade is best?

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

3. A tariff implemented to raise employment in the domestic nation:

4. Government subsidies to industry are viewed as:

5. The legislation for the Federal Reserve System came into being as a result of:

(see the answer key)

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