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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. Steps to limit the growth of government and spending have included all but:
(a) the formation of organizations to support limited spending
(b) nothing
(c) a call for a convention to formulate a balanced budget amendment
(d) proposed constitutional amendment to limit spending

2. The Interstate Commerce Commission was formed to regulate:
(a) trucking
(b) railroads
(c) air traffic
(d) trade between states

3. As a result of inflation:
(a) one dollar buys fewer goods and services
(b) consumers feel richer
(c) one dollar buys more goods and services
(d) consumers buy more goods and services

4. Friedman suggests constitutional amendments to limit government in all but the following areas:
(a) qualificaiton of bureaucrats
(b) wage and price controls
(c) occupational licensure
(d) international trade

5. The railroads:
(a) bitterly opposed the formation of the ICC
(b) ignored the ICC
(c) refused to join the ICC
(d) used the ICC to support their price fixing and market sharing agreementsq

Short Answer Questions

1. All but the following are functions of the CPSC:

2. Inflation results when:

3. The purpose of the EPA is to:

4. The regulation of employment practices and safety standards in the workplace is performed by:

5. The growth of bureaucracy leads to:

Short Essay Questions

1. Why do increases in the minimum wage result in unemployment?

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

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

4. What is the purpose given for regulation of industry?

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

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

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

8. How do industries gain control, or capture, the commission that regulates them?

9. What is inflation?

10. What is the cure for inflation?

(see the answer keys)

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