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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. Equality of outcomes is related to:

2. The higher price of pencils results in all but the following:

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

4. The words equality and liberty come from the:

5. An unfavorable balance of payments situation meant:

Short Essay Questions

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

2. What is an exchange rate?

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

4. What are Open Market Operations?

5. What is meant by equality of opportunity?

6. Why was the Federal Reserve System formed?

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

8. What were the New Deal programs?

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

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

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

In spite of the theory saying that free trade is best, there are many trade barriers, like tariffs on imports or exports, import and export quotas,etc. What are the effects of these trade barriers? Why do nations impose them?

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)

This section contains 547 words (approx. 2 pages at 300 words per page) View a FREE sample