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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 first thing Roosevelt did after his inauguration was to:
(a) authorize open market operations
(b) order banks to close for a bank holiday
(c) order people to work
(d) raise taxes on profits

2. A deposit represents:
(a) a liability of the individual
(b) a claim against the bank
(c) money stuffed in a mattress
(d) a loan to the individual

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

4. According to Friedman, who is most likely to produce a shoddy product?
(a) consumers won't accept a shoddy product
(b) both government and private enterprise
(c) private enterprise
(d) government

5. International trade theory is based on:
(a) geography
(b) inflows and outflows
(c) the principle of comparative advantage
(d) the principle of absolute advantage

Short Answer Questions

1. The airline industry is regulated by:

2. Prices function to transmit information to all but:

3. The railroads:

4. A run on a bank occurs when depositors:

5. Objections to the school voucher plan include all but the following:

(see the answer key)

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