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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. Equality before the law refers to all but:
(a) innate abilities
(b) race
(c) religion
(d) nationality

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

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

4. Government interferes with the price system by:
(a) restraints on international trade
(b) action fixing
(c) tariffs
(d) ignoring it

5. When did the concepts of equality before God and the law begin to come closer together?
(a) after the Revolutionary War
(b) after the signing of the Declaration of Independence
(c) after the ratification of the Constitution
(d) after the Civil War

Short Answer Questions

1. The Employment Act of 1946 dictated government's responsibility for all but the following:

2. Which of the following is not a function of the price system:

3. Trade restrictions create:

4. Some people support tariffs because they think that tariffs:

5. An economic contraction means all but the following:

Short Essay Questions

1. What is an exchange rate?

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

3. What did Jefferson mean by unalienable rights?

4. What are the three functions of prices?

5. What is the concept of the invisible hand?

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

7. What good does Friedman use as an example of voluntary exchange?

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

9. What happens if there in interference with prices?

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

(see the answer keys)

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