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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. The New Deal programs were not carried to their completion because of:
(a) the end of the Depression
(b) World War I
(c) the government ran out of money
(d) World War II

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

3. The legislation for the Federal Reserve System came into being as a result of:
(a) runs on banks
(b) the collapse of the stock market
(c) the Great Depression of 1909
(d) public works programs

4. A coordinated restriction of payments by banks is used:
(a) to stop a run on banks
(b) faster a monetary expansion
(c) intensify a run on banks
(d) meet the public's demands for currency

5. What kind of international trade is best?
(a) trade with restrictions
(b) no trade
(c) free trade
(d) partically free trade

Short Answer Questions

1. What is the cause of the failure of many welfare programs?

2. The equality of outcomes approach is based on:

3. Free markets lead to:

4. A market failure occurs when:

5. Which of the following is not a problem experienced by the British National Health Service?

Short Essay Questions

1. What is a restriction of payments?

2. What did Thomas Jefferson mean when he wrote of equality?

3. Why was the Federal Reserve System formed?

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

5. What are the characteristics of the Great Depression of 1929?

6. What happens if there in interference with prices?

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

8. What are the basics for the production and consumption of goods and services?

9. What is the major federal welfare program in the Untied States and what are its components?

10. What is meant by equality of opportunity?

(see the answer keys)

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