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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

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

2. The country whose post-World War II domestic policy was aimed at promoting equality of outcomes is:

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

4. The words equality and liberty come from the:

5. The Employment Act of 1946 dictated government's responsibility for all but the following:

Short Essay Questions

1. What is the Principle of Comparative Advantage?

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

3. How has the concept of equality changed over time?

4. What is the major federal welfare program in the Untied States and what are its components?

5. What is the concept of the invisible hand?

6. What were the New Deal programs?

7. What is meant by equality of opportunity?

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

9. What is the infant industry argument for protection?

10. What are the three functions of prices?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Explain the functions of a labor union. In what ways to labor unions cause higher wages? Who benefits from labor unions and why?

Essay Topic 2

What is the price system? What are its important functions? Explains Adam Smiths invisible hand concept and how it works?

Essay Topic 3

Why was the Depression of 1929 so severe? What factors contributed to it? Are these similarities with the situation today? What are the differences?

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