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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 8, Who Protects the Worker?.

Multiple Choice Questions

1. Equality before the law refers to all but:
(a) innate abilities
(b) religion
(c) race
(d) nationality

2. The legislation for the Federal Reserve System came into being as a result of:
(a) the Great Depression of 1909
(b) runs on banks
(c) the collapse of the stock market
(d) public works programs

3. The union does all but the following for its members:
(a) negotiates wages
(b) negotiates terms of employment
(c) pays for their on-the-job meals
(d) represents them in a grievance hearing

4. What action did the Fed take after England abandoned the gold standard?
(a) raised the discount rate
(b) began hoarding gold
(c) suspended open market operations
(d) lowered the discount rate

5. An economic contraction means all but the following:
(a) lower levels of income
(b) unemployment
(c) increased output
(d) decreased output

Short Answer Questions

1. When the Fed sells bonds:

2. What functions as the central bank for the United States?

3. The minimum wage causes:

4. The words equality and liberty come from the:

5. Children from wealthy backgrounds have better chances in education and employment. This it not representative of:

(see the answer key)

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