View a FREE sample

This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. Equality is discussed in all but the following ways:
(a) outcomes
(b) in every way
(c) before God
(d) opportunity

2. Protection refers to:
(a) safe production methods
(b) insurance on shipments
(c) tariffs and other trade restrictions
(d) insurance and benefits for workers

3. The command elements of every economy include things like:
(a) military conscription
(b) forbidding the purchase and sales of heroin
(c) prices
(d) court orders

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

5. A run on a bank occurs when depositors:
(a) the bank refuses to make loans
(b) try to withdraw their money in cash at the same time
(c) depositors refuse to deposit money
(d) depositors refuse loans

Short Answer Questions

1. Governments intervene in foreign currency markets:

2. Which bank failure precipitated the banking crisis of 1930?

3. Trade restrictions create:

4. The New Deal programs were not carried to their completion because of:

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

Short Essay Questions

1. What is meant by equality of outcome?

2. What did the Great Depression of 1929 prove to the public?

3. What is a run on a bank?

4. What are the characteristics of the Great Depression of 1929?

5. Why weren't the New Deal programs carried to completion?

6. What are the three functions of prices?

7. What happens if there in interference with prices?

8. What is meant by equality of opportunity?

9. What are the basics for the production and consumption of goods and services?

10. What is a restriction of payments?

(see the answer keys)

This section contains 581 words (approx. 2 pages at 300 words per page) View a FREE sample