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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. What interferes with the transmittal of information by prices?
(a) actions of sellers
(b) Governmental control of prices
(c) actions of buyers
(d) actions of manufacturers

2. Which of the following is not a problem experienced by the British National Health Service?
(a) lack of citizen interest
(b) strikes
(c) long waiting lists of patients
(d) rising costs

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

4. 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) all industries should be protected
(d) protection promotes national welfare

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

Short Answer Questions

1. An unfavorable balance of payments situation meant:

2. When the Fed sells bonds:

3. What action did the Fed take after England abandoned the gold standard?

4. An exchange rate is the:

5. The first head of the Federal Reserve System was:

(see the answer key)

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