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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 3, The Anatomy of Crisis.

Multiple Choice Questions

1. Interested sophistry refers to:
(a) a new production technique
(b) buy cheap and selling high
(c) the knowledge of consumers
(d) a new marketing tool

2. The Great Depression began in:
(a) 1934
(b) 1929
(c) 1931
(d) 1940

3. Which of the following is not one of Adam Smith's duties of government?
(a) correct for third party effects
(b) protection of members of society who are not responsible, such as children
(c) administration of justice
(d) protect members from coercion

4. The higher price of pencils results in all but the following:
(a) the firing of more workers to produce pencils
(b) fewer pencils
(c) higher wages for pencil production workers
(d) better worker condiciton for pencil prolduction workers

5. Adam Smith wrote:
(a) The Price System
(b) Das Kapital
(c) The Wealth of Nations
(d) Economic Made Simple

Short Answer Questions

1. Free international trade results in better relations between individuals who differ in all but:

2. The Federal Reserve Act was legislated in:

3. When the Fed sells bonds:

4. An exchange rate is the:

5. A market failure occurs when:

(see the answer key)

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