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

2. Adam Smith wrote:
(a) The Price System
(b) Economic Made Simple
(c) The Wealth of Nations
(d) Das Kapital

3. Government measures to promote fair shares for all:
(a) reduce liberty
(b) enhance liberty
(c) have no affefct on liberty
(d) create harmony

4. The legislation for the Federal Reserve System came into being as a result of:
(a) the Great Depression of 1909
(b) runs on banks
(c) the collapse of the stock market
(d) public works programs

5. Which of the following is not a function of the price system:
(a) distribution of income
(b) government established prices
(c) efficient use of resources
(d) transmitting information

Short Answer Questions

1. The distribution of income is determined by all but the following:

2. The New Deal programs were not carried to their completion because of:

3. The Federal Reserve Act was legislated in:

4. Open Market Operations refers to:

5. According to Friedman, the former Soviet economy was based on:

(see the answer key)

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