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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 Principle of Comparative Advantage states that a nation should specialize in:

2. The program that is proposed as a replacement for all welfare programs is the:

3. Free markets lead to:

4. Interested sophistry refers to:

5. Trade restrictions create:

Short Essay Questions

1. Why weren't the New Deal programs carried to completion?

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

3. What are the results of trade barriers?

4. Why was the Federal Reserve System formed?

5. What is meant by equality of outcome?

6. In what way did Roosevelt and his advisers break with traditional economies?

7. What is an exchange rate?

8. What did Jefferson mean by unalienable rights?

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

10. What is the concept of the invisible hand?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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 2

How do government interference and controls affect all of us? We pay for various government programs through taxes. Is this fair? Do you feel that we are getting what we pay for? Why or why not?

Essay Topic 3

Explain the functions of a labor union. In what ways to labor unions cause higher wages? Who benefits from labor unions and why?

(see the answer keys)

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