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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 7, Who Protects the Consumer?.

Multiple Choice Questions

1. What action did the Fed take after England abandoned the gold standard?
(a) began hoarding gold
(b) lowered the discount rate
(c) suspended open market operations
(d) raised the discount rate

2. Free international trade results in better relations between individuals who differ in all but:
(a) interests
(b) attitudes
(c) beliefs
(d) nationalities

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

4. Which of the following is not a New Deal program?
(a) public assistance
(b) social security
(c) Great Society
(d) unemployment insurance

5. A change in prices affects all but the following:
(a) procedures income
(b) nothing
(c) wages
(d) incentrive to act on information

Short Answer Questions

1. Attendance at school became mandatory in all states in:

2. The purpose of the EPA is to:

3. Most of the ICC staff came from the:

4. Friedman's view is that everyone who wants a higher education:

5. The words equality and liberty come from the:

(see the answer key)

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