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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. Policies based on fair shares or 'to each according to his needs' have resulted in severe lack of liberties in all but the following:
2. The price system functions in such a way that each individual acting in his own best interests, makes everyone better off. This concept is known as the:
3. The Employment Act of 1946 dictated government's responsibility for all but the following:
4. International trade theory is based on:
5. New Deal temporary programs included all but:
Short Essay Questions
1. What is meant by equality of outcome?
2. England has a successful National Health Service that many people think the United States should have. What are the problems with the British program?
3. What is the major federal welfare program in the Untied States and what are its components?
4. Why was the Federal Reserve System formed?
5. In what way did Roosevelt and his advisers break with traditional economies?
6. What is the Principle of Comparative Advantage?
7. What are Open Market Operations?
8. What good does Friedman use as an example of voluntary exchange?
9. What is an exchange rate?
10. What did the Great Depression of 1929 prove to the public?
Essay Topics
Write an essay for ONE of the following topics:
Essay Topic 1
What is inflation? What are the causes of inflation? What are the cures for inflation? Distinguish between the causes of inflation and the side effects of the cure for inflation.
Essay Topic 2
The New Deal refers to a group of programs enacted by the Roosevelt Administration to deal with the Great Depression. How did they represent a break with past policies? What precedent did they set in the way of spending? What has happened to government spending since then?
Essay Topic 3
Friedman believes that government spending is less damaging than other forms of government controls. What are these other forms of government controls and why are they damaging? Do you agree with Friedman?
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This section contains 624 words (approx. 3 pages at 300 words per page) |
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