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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. Who has the greatest amount of choice in the selection of schooling?
(a) the wealthy
(b) the middle income group
(c) the indigent
(d) all have equal choice

2. The Great Depression began in:
(a) 1934
(b) 1929
(c) 1940
(d) 1931

3. Adam Smith wrote:
(a) The Wealth of Nations
(b) Das Kapital
(c) Economic Made Simple
(d) The Price System

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

5. An exchange rate is the:
(a) the way trade barriers are established
(b) interest rate in the foreign country
(c) price of one currency in terms of another currency
(d) bill of lading

Short Answer Questions

1. The words equality and liberty come from the:

2. To improve their position, railroads engaged in:

3. Governments intervene in foreign currency markets:

4. Restrictions of payments refers to:

5. Horace Mann is known as all but the following:

(see the answer key)

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