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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. Black Thursday, October 24, 1929, refers to the:
(a) collapse of the banking system
(b) collapse of the stock market
(c) end of government payments
(d) end of the gold standard

2. Prices function to transmit information to all but:
(a) manufacturerr
(b) buyers
(c) sellers
(d) no one in particular

3. The Principle of Comparative Advantage states that a nation should specialize in:
(a) can get the highest price for
(b) all goods
(c) has the most of
(d) the production of goods in which it is relatively more efficient than the other nation

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

5. The Federal Reserve Act was legislated in:
(a) 1909
(b) 1913
(c) 1908
(d) 1929

Short Answer Questions

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

2. The first head of the Federal Reserve System was:

3. The legislation for the Federal Reserve System came into being as a result of:

4. The major welfare program in the United States is:

5. Trade restrictions create:

(see the answer key)

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