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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. Trade restrictions create:
(a) a good political situation
(b) friction between nations
(c) a more competitive environment
(d) increase levels of trade

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

3. What functions as the central bank for the United States?
(a) the Federal Reserve System
(b) Chase Bank
(c) the Bank of England
(d) the Bank of the United States

4. Which bank failure precipitated the banking crisis of 1930?
(a) Chase
(b) Bank of England
(c) Knickerbocker Trust
(d) The Bank of the United States

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:
(a) Russia
(b) China
(c) United States
(d) Cambodia

Short Answer Questions

1. A change in prices affects all but the following:

2. A market failure occurs when:

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

4. Originally, in the early days of the country, equality meant:

5. The only kind of capital:

(see the answer key)

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