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

2. When the Fed sells bonds:
(a) the economy experiences inflation
(b) depositors see a decline in their bank accounts
(c) the monetary reserves of the banking system decrease
(d) the banks can make more loans

3. The Food and Drug Administration performs all of the following functions but:
(a) testing new drugs
(b) advertising requirements
(c) writing prescriptions
(d) labeling requirements

4. The economy functions on the basis of:
(a) voluntary cooperation
(b) government direction
(c) orders
(d) command

5. In the 1920s, what publications were the leading intellectual journals of opinion?
(a) the New Republic and the Nation
(b) the New York Times
(c) Life Magazine
(d) Newsweek

Short Answer Questions

1. In Friedman's view, special interests:

2. Which of the following is not a New Deal program?

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

4. In Western nations, when a government doesn't achieve its economic goals:

5. Equality is discussed in all but the following ways:

(see the answer key)

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