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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) 1934
(b) 1940
(c) 1931
(d) 1929

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

3. Free markets lead to:
(a) less individual freedom
(b) bankruptcy
(c) greater individual freedom
(d) economic tyrrany

4. After World War II there was a lot of interest in:
(a) imperialism
(b) central economic planning
(c) the price system
(d) laissez-faire capitalism

5. The distribution of income is determined by all but the following:
(a) the productive resource supplied
(b) the price that resource receives in the market
(c) reputation
(d) the quality of the resource

Short Answer Questions

1. The infant industry argument for protection says a:

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

3. Government subsidies to industry are viewed as:

4. International trade theory is based on:

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

(see the answer key)

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