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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 8, Who Protects the Worker?.

Multiple Choice Questions

1. A tariff implemented to raise employment in the domestic nation:
(a) lowers employment in the foreign nation
(b) has no effect on employment
(c) benefits all workers
(d) benefits all consumers

2. All but the following are functions of the CPSC:
(a) to help consumers evaluate products
(b) advertising
(c) development of standards for consumer products
(d) conduct safety tests on products

3. Equality before God means:
(a) personal equality
(b) total freedom
(c) the right to an equal income
(d) the right to do whatever one wants

4. Governments intervene in foreign currency markets:
(a) by increasing imports
(b) by increasing exports
(c) by refusing to release currency to the market
(d) by buying and selling domenstic and foreign currency

5. A market failure occurs when:
(a) the production of a good is discontinued
(b) an action or transaction affects third parties
(c) a producer goes bankrupt
(d) a producer finds there is no demand for his good

Short Answer Questions

1. The national security argument for protection states that:

2. Government interferes with the price system by:

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

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

5. What functions as the central bank for the United States?

(see the answer key)

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