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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 amount of time from the increase in the quantity of money and the rise in prices is about:
(a) six months
(b) eighteen months
(c) one year
(d) immediate

2. Regarding public and private colleges and universities, the number of students who complete the undergraduate degrees is:
(a) higher at private institutions
(b) the same at public and private institutions
(c) higher at public institutions
(d) only slightly higher at pubhlic institutions

3. All but one of the following are the result of the growth of government:
(a) higher costs
(b) lower costs
(c) more special interest groups
(d) more paperwork

4. The school voucher program would give the parents:
(a) a voucher to be used at any school
(b) a tax break
(c) a tax bill
(d) cash

5. The ideas of human freedom and economic freedom are best exemplified in:
(a) Germany
(b) the United States
(c) England
(d) India

Short Answer Questions

1. According to Friedman, the way to cure inflation is to:

2. The railroads:

3. Barter:

4. In Great Britain, the post World War II trend has been toward:

5. Which of the following laws is not specifically aimed at protection of workers?

Short Essay Questions

1. What is the purpose of a labor union?

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

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

4. Do all workers benefit from unions?

5. Who benefits the most from a school voucher program?

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

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

8. What is the scope of the Consumer Products Safety Commission?

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

10. What does inflation mean for governments or people who are in debit?

(see the answer keys)

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