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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. An unfavorable balance of payments situation meant:
(a) a deficit
(b) equality of inflows and outflows
(c) nothing
(d) a surplus

2. Adam Smith wrote:
(a) The Wealth of Nations
(b) The Price System
(c) Das Kapital
(d) Economic Made Simple

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

4. What is a good source of information on prices and markets?
(a) the Sunday paper
(b) a weekly magazine
(c) The Wall Street Journal
(d) word of mouth

5. The first thing Roosevelt did after his inauguration was to:
(a) order banks to close for a bank holiday
(b) raise taxes on profits
(c) authorize open market operations
(d) order people to work

Short Answer Questions

1. After World War II government expansion was due to:

2. Which New Deal programs were declared unconstitutional?

3. Which of the following is not a public assistance program?

4. Originally, in the early days of the country, equality meant:

5. Interested sophistry refers to:

Short Essay Questions

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

2. What did Jefferson mean by unalienable rights?

3. What are Open Market Operations?

4. What happens if there in interference with prices?

5. What is the infant industry argument for protection?

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

7. What are the three functions of prices?

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

9. Why was the Federal Reserve System formed?

10. What were the New Deal programs?

(see the answer keys)

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