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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. When did the concepts of equality before God and the law begin to come closer together?

2. The first thing Roosevelt did after his inauguration was to:

3. The economy functions on the basis of:

4. Some people support tariffs because they think that tariffs:

5. What is the cause of the failure of many welfare programs?

Short Essay Questions

1. What is the Principle of Comparative Advantage?

2. What are the results of trade barriers?

3. What is an exchange rate?

4. What are Open Market Operations?

5. What is the infant industry argument for protection?

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

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

8. Which of the three kinds of equality causes a conflict with liberty?

9. What is a run on a bank?

10. What is meant by equality of opportunity?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Friedman says that special interests generally prevail over general interests. What does he mean by this? Do you agree with him? Why or why not?

Essay Topic 2

Do workers in America need protection in the labor market? Why or why not? What kinds of laws are there that protect workers? Are you in favor of these laws?

Essay Topic 3

A tariff may result in higher employment in the domestic economy. What problems does it cause in the foreign economy? What problems does it cause in the foreign economy? What is a beggar-thy-neighbor policy? What usually happens when a tariff is impose for this reason?

(see the answer keys)

This section contains 609 words (approx. 3 pages at 300 words per page) View a FREE sample