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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. Regarding the depression, Roosevelt's adviser's believed in:
(a) aggressive intervention by government
(b) a balanced budget
(c) waiting for the economy to heal itself
(d) no intervention in the economy

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

3. The Employment Act of 1946 dictated government's responsibility for all but the following:
(a) production
(b) taxes
(c) purchasing power
(d) employment

4. What did Alexis de Tocqueville say was the outstanding characteristic of America?
(a) good opportunities
(b) liberty
(c) good incomes
(d) equality

5. The higher price of pencils results in all but the following:
(a) fewer pencils
(b) better worker condiciton for pencil prolduction workers
(c) higher wages for pencil production workers
(d) the firing of more workers to produce pencils

Short Answer Questions

1. Protection refers to:

2. The legislation for the Federal Reserve System came into being as a result of:

3. An unfavorable balance of payments situation meant:

4. The only kind of capital:

5. A market failure occurs when:

Short Essay Questions

1. How has the concept of equality changed over time?

2. What is an exchange rate?

3. Which of the three kinds of equality causes a conflict with liberty?

4. What is the infant industry argument for protection?

5. What happens when a nation imposes tariffs to protect domestic jobs?

6. Why was the Federal Reserve System formed?

7. What did Jefferson mean by unalienable rights?

8. What were the New Deal programs?

9. Which two New Deal programs were declared unconstitutional?

10. England has a successful National Health Service that many people think the United States should have. What are the problems with the British program?

(see the answer keys)

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