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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. To improve their position, railroads engaged in:
(a) intensive advertising
(b) promotions
(c) good service
(d) rate fixing

2. Most of the ICC staff came from the:
(a) railroad industry
(b) were laymen
(c) stock market
(d) legislature

3. What does Friedman call one of the most successful labor unions in history?
(a) plumbers
(b) the AMA
(c) carpenters
(d) autoworkers

4. In the mid-nineteenth century, the intellectual beliefs favored:
(a) government control of the economy
(b) limited international trade
(c) public ownership
(d) free trade and private enterprise

5. The Environmental Protection Agency was formed in:
(a) 1975
(b) 1970
(c) 1966
(d) 1972

Short Answer Questions

1. What is not one of the real forces that determine the wealth of a nation?

2. What must an interstate public carrier have in order to operate?

3. Modern labor unions trace their roots back:

4. The amount of time from the increase in the quantity of money and the rise in prices is about:

5. The purpose of the EPA is to:

Short Essay Questions

1. After the Depression and the centralization of government, education and schooling also became centralized. What are the effects of this centralization?

2. What is inflation?

3. Explain how limiting the number of workers results in higher wages.

4. As America was settled, what was one of the first things communities established?

5. In what way does the market function to protect consumers?

6. Explain the relationship between the economic policy and the intellectual climate?

7. Do all workers benefit from unions?

8. What is the big advantage of the school voucher programs?

9. Most Western nations have economic goals and objectives. What happens when they fail to attain them?

10. What is the cause of inflation?

(see the answer keys)

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