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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. The words equality and liberty come from the:

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

3. What action did the Fed take after England abandoned the gold standard?

4. New Deal temporary programs included all but:

5. What interferes with the transmittal of information by prices?

Short Essay Questions

1. What did Thomas Jefferson mean when he wrote of equality?

2. What are Open Market Operations?

3. Why are subsidies considered to be a form of unfair competition?

4. What happens if there in interference with prices?

5. What is meant by equality of opportunity?

6. What is a market failure?

7. Which two New Deal programs were declared unconstitutional?

8. In what way did Roosevelt and his advisers break with traditional economies?

9. What is meant by equality of outcome?

10. What is the concept of the invisible hand?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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?

Essay Topic 2

Explain the purpose of regulation? Does it serve that purpose? What have been the economics effects of regulation? Have they been good or bad?

Essay Topic 3

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?

(see the answer keys)

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