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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 Great Depression began in:
(a) 1934
(b) 1940
(c) 1931
(d) 1929

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

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

4. The equality of outcomes approach is based on:
(a) incentive
(b) contribution to output
(c) rewarding those who work hard
(d) fair shares for everyone

5. Free trade takes place when:
(a) when one party can benefit
(b) all parties feel they can benefit
(c) when producers want to see a good
(d) when consumers want a good

Short Answer Questions

1. The amount of time from the increase in the quantity of money and the rise in prices is about:

2. Equality of outcomes is related to:

3. Most of the ICC staff came from the:

4. Interested sophistry refers to:

5. Black Thursday, October 24, 1929, refers to the:

(see the answer key)

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