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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 higher price of pencils results in all but the following:
(a) higher wages for pencil production workers
(b) better worker condiciton for pencil prolduction workers
(c) fewer pencils
(d) the firing of more workers to produce pencils

2. Equality is discussed in all but the following ways:
(a) before God
(b) outcomes
(c) opportunity
(d) in every way

3. Government interferes with the price system by:
(a) action fixing
(b) tariffs
(c) ignoring it
(d) restraints on international trade

4. An economic contraction means all but the following:
(a) unemployment
(b) increased output
(c) decreased output
(d) lower levels of income

5. Which New Deal programs were declared unconstitutional?
(a) AAA and WPA
(b) Social Security
(c) NRA and AAA
(d) WPA and NRA

Short Answer Questions

1. Trade restrictions create:

2. Before the formation of the ICC, the railroad industry experienced all but the following:

3. In what ways does competition protect the consumer?

4. A run on a bank occurs when depositors:

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

(see the answer key)

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