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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 higher price of pencils results in all but the following:
(a) better worker condiciton for pencil prolduction workers
(b) the firing of more workers to produce pencils
(c) fewer pencils
(d) higher wages for pencil production workers

2. The only kind of capital:
(a) is only physical capital
(b) is only human capital
(c) are human and physical capital
(d) is only financial capital

3. An economic contraction means all but the following:
(a) increased output
(b) decreased output
(c) unemployment
(d) lower levels of income

4. The distribution of income is determined by all but the following:
(a) the productive resource supplied
(b) the price that resource receives in the market
(c) the quality of the resource
(d) reputation

5. The program that is proposed as a replacement for all welfare programs is the:
(a) free enterprise
(b) cradle to grave program
(c) welfare benefits program
(d) negative income tax program

Short Answer Questions

1. What is the cause of the failure of many welfare programs?

2. Some people support tariffs because they think that tariffs:

3. Which New Deal programs were declared unconstitutional?

4. Government interferes with the price system by:

5. Free international trade results in better relations between individuals who differ in all but:

(see the answer key)

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