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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. Inflation results when:

2. In the mid-nineteenth century, the intellectual beliefs favored:

3. Which kind of worker has no protection?

4. Barter:

5. In the 1920s, what publications were the leading intellectual journals of opinion?

Short Essay Questions

1. What is the scope of the Consumer Products Safety Commission?

2. What effect do special interest groups have upon government?

3. What is the purpose of a labor union?

4. Who led the effort for public education?

5. What is the purpose of the Environmental Protection Agency?

6. What are Friedman's views regarding big government?

7. What is the purpose given for regulation of industry?

8. Most Western nations have economic goals and objectives. What happens when they fail to attain them?

9. In recent years, in what sector have unions experienced growth?

10. In what way does the market function to protect consumers?

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 problems involved in barter transactions? Why does this inhibit trade? How does money facilitate trade?

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?

(see the answer keys)

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