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

2. The Environmental Protection Agency was formed in:
(a) 1970
(b) 1972
(c) 1966
(d) 1975

3. Prices function to transmit information to all but:
(a) manufacturerr
(b) no one in particular
(c) buyers
(d) sellers

4. During a hyperinflation:
(a) wages increase faster than prices
(b) prices fail quickly
(c) prices may double during a day
(d) none of the above

5. The major welfare program in the United States is:
(a) Medicaid
(b) Old Age Survivors and Dependants Insurance program
(c) housing assistance
(d) food stamps

Short Answer Questions

1. Friedman believes that the income tax system is:

2. Government policies are affected by:

3. At the time the book was written, how many workers belonged to unions?

4. The ideas of human freedom and economic freedom are best exemplified in:

5. The railroads:

(see the answer key)

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