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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 2, The Tyranny of Controls.

Multiple Choice Questions

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

2. Governments intervene in foreign currency markets:
(a) by increasing imports
(b) by refusing to release currency to the market
(c) by buying and selling domenstic and foreign currency
(d) by increasing exports

3. The term human capital refers to the:
(a) output produced by a fasting
(b) personal productive capacity of an individual
(c) machinery in the factory
(d) kinds of inputs the worker uses

4. The command elements of every economy include things like:
(a) forbidding the purchase and sales of heroin
(b) prices
(c) court orders
(d) military conscription

5. What is a good source of information on prices and markets?
(a) the Sunday paper
(b) The Wall Street Journal
(c) word of mouth
(d) a weekly magazine

Short Answer Questions

1. An exchange rate is the:

2. The infant industry argument for protection says a:

3. Government interferes with the price system by:

4. International trade theory is based on:

5. What kind of international trade is best?

(see the answer key)

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