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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 purpose of urban renewal projects is to:
(a) eliminate slums
(b) finance the building of offices
(c) provide low cost housing
(d) build housing projects

2. Interested sophistry refers to:
(a) the knowledge of consumers
(b) a new production technique
(c) a new marketing tool
(d) buy cheap and selling high

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

4. A deposit represents:
(a) a loan to the individual
(b) a claim against the bank
(c) money stuffed in a mattress
(d) a liability of the individual

5. Children from wealthy backgrounds have better chances in education and employment. This it not representative of:
(a) equality of outcomes
(b) equal rights
(c) equality before God
(d) equality of opportunity

Short Answer Questions

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

2. The equality of outcomes approach is based on:

3. Government measures to promote fair shares for all:

4. A change in prices affects all but the following:

5. The economist that changed the way of economic thinking regarding depressions was:

Short Essay Questions

1. What is a run on a bank?

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

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

4. What did Jefferson mean by unalienable rights?

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

6. In what way did Roosevelt and his advisers break with traditional economies?

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

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

9. What is the Principle of Comparative Advantage?

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

(see the answer keys)

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