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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 United States banking system is:
(a) a no reserve system
(b) a full reserve system
(c) not dependent on reserves
(d) a fractional reserve system

2. What is the cause of the failure of many welfare programs?
(a) design and implementation flaws
(b) lack of recipients
(c) lack of interest by the public
(d) lack of interest by the government

3. Restrictions of payments refers to:
(a) government's refusal to pay benefits
(b) government's inability to pay its bills
(c) banks' refusal to give currency on demand to depositors who tried to make withdrawals
(d) depositors inability to write checks

4. After World War II there was a lot of interest in:
(a) laissez-faire capitalism
(b) central economic planning
(c) the price system
(d) imperialism

5. What kind of international trade is best?
(a) no trade
(b) partically free trade
(c) trade with restrictions
(d) free trade

Short Answer Questions

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

2. Economic freedom refers to all but which of the following:

3. The term human capital refers to the:

4. The equality of outcomes approach is based on:

5. Regarding the depression, Roosevelt's adviser's believed in:

(see the answer key)

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