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

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

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

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

5. The economist that changed the way of economic thinking regarding depressions was:
(a) Adam Smith
(b) John Maynard Keynes
(c) Milton Friedman
(d) David Ricardo

Short Answer Questions

1. Black Thursday, October 24, 1929, refers to the:

2. What action did the Fed take after England abandoned the gold standard?

3. Open Market Operations refers to:

4. Trade restrictions create:

5. What interferes with the transmittal of information by prices?

(see the answer key)

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