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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. Regarding the depression, Roosevelt's adviser's believed in:

2. A tariff implemented to raise employment in the domestic nation:

3. The words equality and liberty come from the:

4. Which bank failure precipitated the banking crisis of 1930?

5. Government measures to promote fair shares for all:

Short Essay Questions

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

2. What happens when a nation imposes tariffs to protect domestic jobs?

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

4. What is the infant industry argument for protection?

5. What are the results of trade barriers?

6. What is the Principle of Comparative Advantage?

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

8. Which two New Deal programs were declared unconstitutional?

9. What are Open Market Operations?

10. What good does Friedman use as an example of voluntary exchange?

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

Explain what a negative income tax program is. Briefly explain how it would work. Why would it be able to replace most welfare programs? Do you think it is a good idea?

Essay Topic 3

Why does an economy need money? What items have functioned as money over the course of history? What characteristics does an item need to function as money?

(see the answer keys)

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