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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. One way of restricting entry to an occupation or profession is through:

2. Special interest groups result in:

3. What program would allow greater choices for parents?

4. Where have labor unions been stronger than they are in the United States?

5. Regarding public and private colleges and universities, the number of students who complete the undergraduate degrees is:

Short Essay Questions

1. Explain the relationship between the economic policy and the intellectual climate?

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

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

4. Explain how limiting the number of workers results in higher wages.

5. What is the cure for inflation?

6. As America was settled, what was one of the first things communities established?

7. What effect do special interest groups have upon government?

8. What is the purpose of the Environmental Protection Agency?

9. What is the purpose of a labor union?

10. Do all workers benefit from unions?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Why does an economy need money? What items have functioned as money over the course of history? What characteristics does an item need to function as money?

Essay Topic 2

What is inflation? What are the causes of inflation? What are the cures for inflation? Distinguish between the causes of inflation and the side effects of the cure for inflation.

Essay Topic 3

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?

(see the answer keys)

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