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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. An exchange rate is the:

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

3. Free trade takes place when:

4. Trade restrictions create:

5. The United States banking system is:

Short Essay Questions

1. What are Open Market Operations?

2. What are the three functions of prices?

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

4. What are the results of trade barriers?

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

6. What happens if there in interference with prices?

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

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

9. What is a restriction of payments?

10. What is meant by equality of opportunity?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What is the significance of free international trade? Why is free trade said to be best? How do nations benefit from free trade? What is the Principle of Comparative Advantage?

Essay Topic 2

Explain the purpose of regulation? Does it serve that purpose? What have been the economics effects of regulation? Have they been good or bad?

Essay Topic 3

Explain the problems involved in barter transactions? Why does this inhibit trade? How does money facilitate trade?

(see the answer keys)

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