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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 4, Cradle to Grave.

Multiple Choice Questions

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

2. What kind of international trade is best?
(a) free trade
(b) trade with restrictions
(c) no trade
(d) partically free trade

3. Restrictions of payments refers to:
(a) depositors inability to write checks
(b) government's inability to pay its bills
(c) government's refusal to pay benefits
(d) banks' refusal to give currency on demand to depositors who tried to make withdrawals

4. International trade theory is based on:
(a) the principle of absolute advantage
(b) geography
(c) inflows and outflows
(d) the principle of comparative advantage

5. After World War II government expansion was due to:
(a) commerce
(b) finance
(c) central economic planning
(d) nationalization of industry

Short Answer Questions

1. What is the cause of the failure of many welfare programs?

2. The United States banking system is:

3. The Federal Deposit Insurance Corporation:

4. Adam Smith wrote:

5. Governments intervene in foreign currency markets:

(see the answer key)

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