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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 bank failure precipitated the banking crisis of 1930?
(a) Bank of England
(b) Knickerbocker Trust
(c) The Bank of the United States
(d) Chase

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

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

4. The Federal Reserve Act was legislated in:
(a) 1908
(b) 1909
(c) 1913
(d) 1929

5. Originally, in the early days of the country, equality meant:
(a) the basis for welfare legislation
(b) equality in all aspects of life
(c) equality before God
(d) the end of slavery

Short Answer Questions

1. Which of the following was not a part of the 1964 War on Poverty program?

2. Policies based on fair shares or 'to each according to his needs' have resulted in severe lack of liberties in all but the following:

3. The words equality and liberty come from the:

4. The only kind of capital:

5. Restrictions of payments refers to:

Short Essay Questions

1. What is meant by equality of outcome?

2. What is a restriction of payments?

3. Why are subsidies considered to be a form of unfair competition?

4. What is the Principle of Comparative Advantage?

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

6. What are the results of trade barriers?

7. What is a run on a bank?

8. What were the New Deal programs?

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

10. Why weren't the New Deal programs carried to completion?

(see the answer keys)

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