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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 9, The Cure for Inflation.

Multiple Choice Questions

1. One of the big complaints of parents is that they:
(a) parents are asked to do too much with the school given their busy schedules
(b) the school day is too short
(c) have little control or choice regarding their children's education
(d) spend too much time in parent-teacher conferences

2. As a result of inflation, there is:
(a) decrease in prices
(b) no change in prices
(c) more goods and services to buy
(d) an increase in prices

3. One way of restricting entry to an occupation or profession is through:
(a) licensure
(b) rules
(c) laws
(d) agreement

4. Free markets lead to:
(a) bankruptcy
(b) less individual freedom
(c) greater individual freedom
(d) economic tyrrany

5. Most of the ICC staff came from the:
(a) stock market
(b) were laymen
(c) legislature
(d) railroad industry

Short Answer Questions

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

2. What does Friedman call one of the most successful labor unions in history?

3. Adam Smith says that voluntary exchange will not take place unless:

4. The price system functions in such a way that each individual acting in his own best interests, makes everyone better off. This concept is known as the:

5. In regard to equality and liberty:

(see the answer key)

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