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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. The ideas of human freedom and economic freedom are best exemplified in:

2. Which of the following is not a way of rationing high paying jobs:

3. Modern labor unions trace their roots back:

4. The minimum wage causes:

5. What must an interstate public carrier have in order to operate?

Short Essay Questions

1. Why do increases in the minimum wage result in unemployment?

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

3. What does inflation mean for governments or people who are in debit?

4. What can function as money?

5. In what way does the market function to protect consumers?

6. What is inflation?

7. Do all workers benefit from unions?

8. In what ways is the American Medical Association a labor union?

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

10. Who benefits the most from a school voucher program?

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

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 3

Why was the Depression of 1929 so severe? What factors contributed to it? Are these similarities with the situation today? What are the differences?

(see the answer keys)

This section contains 567 words (approx. 2 pages at 300 words per page) View a FREE sample