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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 Principle of Comparative Advantage states that a nation should specialize in:
(a) has the most of
(b) the production of goods in which it is relatively more efficient than the other nation
(c) can get the highest price for
(d) all goods

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

3. The term human capital refers to the:
(a) machinery in the factory
(b) personal productive capacity of an individual
(c) output produced by a fasting
(d) kinds of inputs the worker uses

4. Which of the following was not a part of the 1964 War on Poverty program?
(a) food stamps
(b) Medicaid
(c) Medicare
(d) Social Security

5. When did the concepts of equality before God and the law begin to come closer together?
(a) after the Civil War
(b) after the ratification of the Constitution
(c) after the Revolutionary War
(d) after the signing of the Declaration of Independence

Short Answer Questions

1. The Employment Act of 1946 dictated government's responsibility for all but the following:

2. An unfavorable balance of payments situation meant:

3. Regarding public and private colleges and universities, the number of students who complete the undergraduate degrees is:

4. Restrictions of payments refers to:

5. Government subsidies to industry are viewed as:

(see the answer key)

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