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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. After World War II there was a lot of interest in:
(a) laissez-faire capitalism
(b) central economic planning
(c) imperialism
(d) the price system

2. Open Market Operations refers to:
(a) flooding the market with junk bonds
(b) the purchase and sale of government bonds
(c) stock market operations
(d) a department store sale

3. The purpose of the EPA is to:
(a) protect and enhance the environment
(b) promote safer working environments
(c) promote nicer looking neighborhoods
(d) regulate landscaping

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

5. New drugs cannot be marketed:
(a) the drug company can produce them cheaply
(b) until the drug manufacturer approves them
(c) their profitability is proven
(d) unless the FDA determines they are safe and effective

Short Answer Questions

1. Attendance at school became mandatory in all states in:

2. According to Friedman, the former Soviet economy was based on:

3. The Federal Reserve Act was legislated in:

4. International trade theory is based on:

5. All but the following are functions of the CPSC:

(see the answer key)

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