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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Most Western nations have experienced:
(a) decrease in the growth of government
(b) laws limited the growth of government
(c) growth of national government
(d) no change in the size of national government

2. The school voucher program would give the parents:
(a) a voucher to be used at any school
(b) a tax bill
(c) cash
(d) a tax break

3. The regulation of employment practices and safety standards in the workplace is performed by:
(a) FEMA
(b) EPA
(c) Office of Safety and Health Administration
(d) Department of Labor

4. According to Friedman what was not a reason for accelerated U.S. monetary growth over a fifteen-year period?
(a) the Federal Reserve following the wrong policy
(b) the full employment policy of the government
(c) rapid growth in government spending
(d) workers demanding raises

5. Government spending can be financed by all but:
(a) taxes
(b) increasing the money supply
(c) decreasing the money supply
(d) borrowing

6. As a result of inflation, there is:
(a) an increase in prices
(b) no change in prices
(c) decrease in prices
(d) more goods and services to buy

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

8. To function as a medium of exchange, an item must be:
(a) valuable
(b) easy to carry
(c) accepted in exchange for goods and services
(d) printed

9. What did Pat Brennan and her husband do in Rochester, New York?
(a) they established a business that competed with the United States Post Office
(b) they challenged a postal increase
(c) they supported measures to limit the growth of business
(d) they became lobbyists

10. Horace Mann is known as all but the following:
(a) crusader for free schools
(b) Secretary of State
(c) secretary of the Massachusetts State Board of Education
(d) the father of American public education

11. The first schools were:
(a) public with voluntary attendance
(b) private with voluntary attendance
(c) `public with mandatory attendance
(d) private with mandatory attendance

12. Where have labor unions been stronger than they are in the United States?
(a) France
(b) Spain
(c) Great Britain
(d) Germany

13. Most of the funding for public education is provided by the:
(a) county
(b) federal government
(c) state
(d) city

14. What does Friedman believe would be an effective way of reversing the trend toward bigger government?
(a) limiting budgets
(b) new legislation
(c) adoption of an economic Bill of Rights
(d) eliminating special interest groups

15. Which of the following is not a way of rationing high paying jobs:
(a) hiring anyone
(b) nepotism
(c) featherbedding
(d) corruption

Short Answer Questions

1. In what ways does competition protect the consumer?

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

3. All but the following are functions of the CPSC:

4. During a hyperinflation:

5. In the 1920s, what publications were the leading intellectual journals of opinion?

(see the answer keys)

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