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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. Adam Smith says that voluntary exchange will not take place unless:
(a) it is commanded
(b) the government can tax the transaction
(c) both parties benefit from it
(d) one party can profits

2. A deposit represents:
(a) a loan to the individual
(b) money stuffed in a mattress
(c) a claim against the bank
(d) a liability of the individual

3. When did the concepts of equality before God and the law begin to come closer together?
(a) after the signing of the Declaration of Independence
(b) after the Revolutionary War
(c) after the ratification of the Constitution
(d) after the Civil War

4. Which of the following is not a New Deal program?
(a) public assistance
(b) unemployment insurance
(c) Great Society
(d) social security

5. New drugs cannot be marketed:
(a) their profitability is proven
(b) unless the FDA determines they are safe and effective
(c) until the drug manufacturer approves them
(d) the drug company can produce them cheaply

Short Answer Questions

1. Enforced equality is a part of life in:

2. The country whose post-World War II domestic policy was aimed at promoting equality of outcomes is:

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

4. To function as a medium of exchange, an item must be:

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

(see the answer key)

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