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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 economist that changed the way of economic thinking regarding depressions was:
(a) David Ricardo
(b) Adam Smith
(c) John Maynard Keynes
(d) Milton Friedman

2. A run on a bank occurs when depositors:
(a) depositors refuse loans
(b) try to withdraw their money in cash at the same time
(c) the bank refuses to make loans
(d) depositors refuse to deposit money

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

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

5. Black Thursday, October 24, 1929, refers to the:
(a) end of the gold standard
(b) collapse of the banking system
(c) collapse of the stock market
(d) end of government payments

Short Answer Questions

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

2. Which of the following was not a part of the 1964 War on Poverty program?

3. The Federal Reserve Act was legislated in:

4. Trade restrictions create:

5. Policies based on fair shares or 'to each according to his needs' have resulted in severe lack of liberties in all but the following:

(see the answer key)

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