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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. Which of the following was not a part of the 1964 War on Poverty program?
(a) food stamps
(b) Medicaid
(c) Medicare
(d) Social Security

2. Which of the following is not a function of the price system:
(a) distribution of income
(b) efficient use of resources
(c) government established prices
(d) transmitting information

3. What words did Thomas Jefferson write?
(a) all men are created equal
(b) there is no such thing as equality
(c) equality is not a part of freedom
(d) equality is not important

4. The only kind of capital:
(a) is only human capital
(b) are human and physical capital
(c) is only physical capital
(d) is only financial capital

5. The term human capital refers to the:
(a) machinery in the factory
(b) output produced by a fasting
(c) personal productive capacity of an individual
(d) kinds of inputs the worker uses

Short Answer Questions

1. The first head of the Federal Reserve System was:

2. Government measures to promote fair shares for all:

3. The Federal Reserve Act was legislated in:

4. The economy functions on the basis of:

5. Which bank failure precipitated the banking crisis of 1930?

Short Essay Questions

1. What is the Principle of Comparative Advantage?

2. Which two New Deal programs were declared unconstitutional?

3. What happens if there in interference with prices?

4. What is a run on a bank?

5. What is an exchange rate?

6. What is meant by equality of outcome?

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

8. What are Open Market Operations?

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

10. What is a restriction of payments?

(see the answer keys)

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