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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 7, Who Protects the Consumer?.

Multiple Choice Questions

1. The Interstate Commerce Commission was formed to regulate:
(a) trucking
(b) railroads
(c) air traffic
(d) trade between states

2. The purpose of the Consumer Products Safety Commission is to:
(a) to help introduce new products
(b) assist manufacturers in the promotion of products
(c) protect the consumer from unsafe products
(d) to help advertise products

3. The country whose post-World War II domestic policy was aimed at promoting equality of outcomes is:
(a) China
(b) Great Britain
(c) Japan
(d) Germany

4. Which of the following is not a function of the price system:
(a) distribution of income
(b) transmitting information
(c) efficient use of resources
(d) government established prices

5. Equality before the law refers to all but:
(a) race
(b) innate abilities
(c) nationality
(d) religion

Short Answer Questions

1. An economic contraction means all but the following:

2. The infant industry argument for protection says a:

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

4. Before the formation of the ICC, the railroad industry experienced all but the following:

5. A change in prices affects all but the following:

(see the answer key)

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