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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 New Deal programs were not carried to their completion because of:
(a) the end of the Depression
(b) the government ran out of money
(c) World War II
(d) World War I

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

3. International trade theory is based on:
(a) the principle of comparative advantage
(b) the principle of absolute advantage
(c) inflows and outflows
(d) geography

4. The command elements of every economy include things like:
(a) military conscription
(b) prices
(c) court orders
(d) forbidding the purchase and sales of heroin

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

Short Answer Questions

1. The programs of the Roosevelt administration designed to deal with the Depression are called the:

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

3. Protection refers to:

4. The term human capital refers to the:

5. Economic freedom refers to all but which of the following:

(see the answer key)

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