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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. Barter:
(a) is the exchange of money for goods and services
(b) establishes the value of money
(c) is the exchange ratio of money
(d) is the exchange of one good or service for another good or service

2. The regulation of employment practices and safety standards in the workplace is performed by:
(a) FEMA
(b) Department of Labor
(c) EPA
(d) Office of Safety and Health Administration

3. The reason given for regulation of industry is to:
(a) force higher prices
(b) stabilize the industry
(c) protect the industry from the effects of competition
(d) protect the consumer

4. The purpose of the EPA is to:
(a) promote nicer looking neighborhoods
(b) protect and enhance the environment
(c) promote safer working environments
(d) regulate landscaping

5. The trucking industry was brought under ICC jurisdiction in:
(a) 1943
(b) 1935
(c) 1948
(d) 1952

Short Answer Questions

1. Parents who send their children to private schools:

2. According to Friedman what was not a reason for accelerated U.S. monetary growth over a fifteen-year period?

3. In Virginia in the 1600s, what functioned as money?

4. The growth of bureaucracy leads to:

5. Government policies are affected by:

Short Essay Questions

1. Who led the effort for public education?

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

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

4. What are the political realities of a democratic system, according to Friedman?

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

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

7. In recent years, in what sector have unions experienced growth?

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

9. What are Friedman's views regarding big government?

10. What can function as money?

(see the answer keys)

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