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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. Economic freedom refers to all but which of the following:

2. Adam Smith says that voluntary exchange will not take place unless:

3. The equality of outcomes approach is based on:

4. Trade restrictions create:

5. The purpose of urban renewal projects is to:

Short Essay Questions

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

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

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

4. What are the results of trade barriers?

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

6. What is a restriction of payments?

7. What were the New Deal programs?

8. What are Open Market Operations?

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

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

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

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 3

Friedman proposes an economic Bill of Rights as a way of limiting the scope and growth of government. Discuss and evaluate Friedman's proposal. Do you think it is politically feasible? Why or why not?

(see the answer keys)

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