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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. Gresham's Law says that:
(a) good money multiplies
(b) bad money drives out good
(c) good money drives out bad
(d) good money decreases

2. Modern labor unions trace their roots back:
(a) Great Britain
(b) the Egyptians
(c) to medical men in ancient Greece
(d) ancient Rome

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

4. In Great Britain:
(a) most labor unions represent workers of nationalized industry
(b) labor unions are weak
(c) there are no labor unions
(d) workers represent themselves

5. The growth of bureaucracy leads to:
(a) a conflict between desired objectives
(b) greater efficiency
(c) lower costs
(d) faster resolution of problems

Short Answer Questions

1. New drugs cannot be marketed:

2. The Department of Energy was formed in response to the:

3. Wages increasing faster than productivity is:

4. The trucking industry was brought under ICC jurisdiction in:

5. In the inner city schools, much of the money goes for all but the following:

Short Essay Questions

1. What does Friedman feel has been more damaging that government spending in terms of government controls?

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

3. According to Friedman, what policy would promote economic stability?

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

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

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

7. In what ways is the American Medical Association a labor union?

8. What are the two big issues faced in new drug approval?

9. What is the purpose of a labor union?

10. What is inflation?

(see the answer keys)

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