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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. The major welfare program in the United States is:

2. Which of the following is not a New Deal program?

3. After World War II there was a lot of interest in:

4. The distribution of income is determined by all but the following:

5. An egalitarian supports:

Short Essay Questions

1. What are the three functions of prices?

2. What are the characteristics of the Great Depression of 1929?

3. What is a market failure?

4. How has the concept of equality changed over time?

5. Why are subsidies considered to be a form of unfair competition?

6. Which of the three kinds of equality causes a conflict with liberty?

7. What did the Great Depression of 1929 prove to the public?

8. What is the major federal welfare program in the Untied States and what are its components?

9. What are Open Market Operations?

10. What is the Principle of Comparative Advantage?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What is the price system? What are its important functions? Explains Adam Smiths invisible hand concept and how it works?

Essay Topic 2

Friedman proposes an economic Bill of Rights as a way of limiting the scope and growth of government. Discuss and evaluate Friedman's proposal. Do you think it is politically feasible? Why or why not?

Essay Topic 3

Explain the purpose of regulation? Does it serve that purpose? What have been the economics effects of regulation? Have they been good or bad?

(see the answer keys)

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