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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter 8, Who Protects the Worker?.

Multiple Choice Questions

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

2. Originally, in the early days of the country, equality meant:
(a) equality before God
(b) equality in all aspects of life
(c) the end of slavery
(d) the basis for welfare legislation

3. The legislation for the Federal Reserve System came into being as a result of:
(a) the Great Depression of 1909
(b) runs on banks
(c) the collapse of the stock market
(d) public works programs

4. Regarding public and private colleges and universities, the number of students who complete the undergraduate degrees is:
(a) the same at public and private institutions
(b) only slightly higher at pubhlic institutions
(c) higher at public institutions
(d) higher at private institutions

5. Adam Smith says that voluntary exchange will not take place unless:
(a) one party can profits
(b) both parties benefit from it
(c) the government can tax the transaction
(d) it is commanded

Short Answer Questions

1. An unfavorable balance of payments situation meant:

2. Where have labor unions been stronger than they are in the United States?

3. Government measures to promote fair shares for all:

4. A school voucher program would:

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

(see the answer key)

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