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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 5, Created Equal.

Multiple Choice Questions

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

2. Enforced equality is a part of life in:
(a) communes
(b) apartment buildings
(c) schools
(d) government

3. The Federal Deposit Insurance Corporation:
(a) provides mortgage insurance for homeowners
(b) guarantees the repayment of bank loans
(c) guarantees the full amount of all deposits against loss
(d) guarantees deposits against a loss up to a stated amount

4. The major welfare program in the United States is:
(a) food stamps
(b) Medicaid
(c) Old Age Survivors and Dependants Insurance program
(d) housing assistance

5. The country whose post-World War II domestic policy was aimed at promoting equality of outcomes is:
(a) Japan
(b) Germany
(c) Great Britain
(d) China

Short Answer Questions

1. What did Alexis de Tocqueville say was the outstanding characteristic of America?

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

3. Adam Smith says that voluntary exchange will not take place unless:

4. The economy functions on the basis of:

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

(see the answer key)

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