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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. Governments intervene in foreign currency markets:

2. The equality of outcomes approach is based on:

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

4. The United States banking system is:

5. The economist that changed the way of economic thinking regarding depressions was:

Short Essay Questions

1. What is meant by equality of outcome?

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

3. What is an exchange rate?

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

5. What are the results of trade barriers?

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

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

8. Which two New Deal programs were declared unconstitutional?

9. What are Open Market Operations?

10. What is a run on a bank?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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

Essay Topic 2

Friedman says that special interests generally prevail over general interests. What does he mean by this? Do you agree with him? Why or why not?

Essay Topic 3

Do workers in America need protection in the labor market? Why or why not? What kinds of laws are there that protect workers? Are you in favor of these laws?

(see the answer keys)

This section contains 572 words (approx. 2 pages at 300 words per page) View a FREE sample