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

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

3. In Western nations, when a government doesn't achieve its economic goals:
(a) they keep trying
(b) nothing happens
(c) there is usually a change of regimes
(d) the situation continues

4. Friedman believes that the income tax system is:
(a) in need of reform
(b) based on ability to pay
(c) needs more loopholes
(d) equitable

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

Short Answer Questions

1. Union high wages are usually at the expense of:

2. Regarding public and private colleges and universities, the number of students who complete the undergraduate degrees is:

3. Which of the following is not a method of unions securing higher wages?

4. Private education prevailed until the:

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

Short Essay Questions

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

2. What is inflation?

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

4. What is the cure for inflation?

5. What is the purpose of a labor union?

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

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

8. What can function as money?

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

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

(see the answer keys)

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