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

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

3. The Environmental Protection Agency was formed in:
(a) 1966
(b) 1972
(c) 1975
(d) 1970

4. Before the formation of the ICC, the railroad industry experienced all but the following:
(a) low passenger rates
(b) bakruptcies
(c) stability
(d) low freight rates

5. The reason given for regulation of industry is to:
(a) force higher prices
(b) stabilize the industry
(c) protect the consumer
(d) protect the industry from the effects of competition

Short Answer Questions

1. Children from wealthy backgrounds have better chances in education and employment. This it not representative of:

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

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

4. Which of the following is not one of Adam Smith's duties of government?

5. Who has the greatest amount of choice in the selection of schooling?

(see the answer key)

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