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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 10, The Tide is Turning.

Multiple Choice Questions

1. An unfavorable balance of payments situation meant:
(a) equality of inflows and outflows
(b) a deficit
(c) nothing
(d) a surplus

2. The railroads:
(a) ignored the ICC
(b) bitterly opposed the formation of the ICC
(c) used the ICC to support their price fixing and market sharing agreementsq
(d) refused to join the ICC

3. All but one of the following are the result of the growth of government:
(a) lower costs
(b) more special interest groups
(c) higher costs
(d) more paperwork

4. What kind of international trade is best?
(a) no trade
(b) trade with restrictions
(c) partically free trade
(d) free trade

5. Which of the following is considered a form of government assistance to construction workers?
(a) Glass-Stegal Act
(b) Taft-Hartley Act
(c) Landrum-Griffin Act
(d) Davis-Bacon Act

Short Answer Questions

1. The economy functions on the basis of:

2. One way of restricting entry to an occupation or profession is through:

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

4. The infant industry argument for protection says a:

5. Protection refers to:

(see the answer key)

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