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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 5, Created Equal.

Multiple Choice Questions

1. The infant industry argument for protection says a:
(a) all new industries should be given protection
(b) new industry should be given protection until it matures and can compete on its own
(c) no industries should receive protection
(d) only certain industries should receive protection

2. Government expands through all but:
(a) private enterprise
(b) regulatory activities
(c) welfare programs
(d) nationalization

3. A market failure occurs when:
(a) the production of a good is discontinued
(b) a producer goes bankrupt
(c) a producer finds there is no demand for his good
(d) an action or transaction affects third parties

4. Equality of outcomes is related to:
(a) education
(b) rights to open a business
(c) fairness or fair shares
(d) right to own property

5. An unfavorable balance of payments situation meant:
(a) equality of inflows and outflows
(b) a surplus
(c) nothing
(d) a deficit

Short Answer Questions

1. A tariff implemented to raise employment in the domestic nation:

2. Protection refers to:

3. The higher price of pencils results in all but the following:

4. In regard to equality and liberty:

5. What words did Thomas Jefferson write?

(see the answer key)

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