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

2. The first head of the Federal Reserve System was:
(a) Benjamin Strong
(b) Alexander Hamilton
(c) J.P. organ
(d) Alan Greenspan

3. The price system functions in such a way that each individual acting in his own best interests, makes everyone better off. This concept is known as the:
(a) visible hand
(b) voluntary nature
(c) command
(d) invisible hand

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

5. The Employment Act of 1946 dictated government's responsibility for all but the following:
(a) taxes
(b) employment
(c) purchasing power
(d) production

Short Answer Questions

1. The economist that changed the way of economic thinking regarding depressions was:

2. Policies based on fair shares or 'to each according to his needs' have resulted in severe lack of liberties in all but the following:

3. An exchange rate is the:

4. The words equality and liberty come from the:

5. What functions as the central bank for the United States?

(see the answer key)

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