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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. Regarding public and private colleges and universities, the number of students who complete the undergraduate degrees is:
(a) the same at public and private institutions
(b) only slightly higher at pubhlic institutions
(c) higher at private institutions
(d) higher at public institutions

2. Adam Smith says that voluntary exchange will not take place unless:
(a) it is commanded
(b) both parties benefit from it
(c) the government can tax the transaction
(d) one party can profits

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

4. The Interstate Commerce Commission was formed to regulate:
(a) trucking
(b) trade between states
(c) air traffic
(d) railroads

5. Friedman's view is that everyone who wants a higher education:
(a) should find a sponsor
(b) should have the higher education if he/she is willing to pay for it
(c) should receive government funding
(d) should be financed

Short Answer Questions

1. The higher price of pencils results in all but the following:

2. The distribution of income is determined by all but the following:

3. Open Market Operations refers to:

4. Which of the following is not a function of the price system:

5. One of the big complaints of parents is that they:

(see the answer key)

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