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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. Originally, in the early days of the country, equality meant:

2. The New Deal programs were not carried to their completion because of:

3. Government expands through all but:

4. Adam Smith wrote:

5. In regard to equality and liberty:

Short Essay Questions

1. Which two New Deal programs were declared unconstitutional?

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

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

4. What are the three functions of prices?

5. What did Thomas Jefferson mean when he wrote of equality?

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

7. What are the basics for the production and consumption of goods and services?

8. What are Open Market Operations?

9. England has a successful National Health Service that many people think the United States should have. What are the problems with the British program?

10. What is the infant industry argument for protection?

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

A tariff may result in higher employment in the domestic economy. What problems does it cause in the foreign economy? What problems does it cause in the foreign economy? What is a beggar-thy-neighbor policy? What usually happens when a tariff is impose for this reason?

Essay Topic 3

Think about the topics covered in the book. Select an area that you are interested in and discuss and evaluate it. Do you agree or disagree with Friedman? Why or why not?

(see the answer keys)

This section contains 624 words (approx. 3 pages at 300 words per page) View a FREE sample