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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. What action did the Fed take after England abandoned the gold standard?

3. After World War II government expansion was due to:

4. Interested sophistry refers to:

5. What is a good source of information on prices and markets?

Short Essay Questions

1. What are the results of trade barriers?

2. What were the New Deal programs?

3. What is a restriction of payments?

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

5. Which two New Deal programs were declared unconstitutional?

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

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

8. What is the concept of the invisible hand?

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

10. What is an exchange rate?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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?

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

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?

(see the answer keys)

This section contains 548 words (approx. 2 pages at 300 words per page) View a FREE sample