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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. To function as a medium of exchange, an item must be:

2. Government spending can be financed by all but:

3. In the tobacco economy, inflation occurred when there was:

4. During a hyperinflation:

5. Kenneth B. Clark describes public school system as:

Short Essay Questions

1. What are Friedman's views regarding big government?

2. Do all workers benefit from unions?

3. What is the purpose of a labor union?

4. What is the purpose given for regulation of industry?

5. What is the cause of inflation?

6. What can function as money?

7. According to Friedman, what policy would promote economic stability?

8. Who led the effort for public education?

9. Most Western nations have economic goals and objectives. What happens when they fail to attain them?

10. What is inflation?

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

What is the relationship between economic freedom and human freedom? How is this manifest in the kind of economic and political system that a nation has? Use different nations as an example.

Essay Topic 3

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

(see the answer keys)

This section contains 538 words (approx. 2 pages at 300 words per page) View a FREE sample