True/False
Indicate whether the sentence or statement is true
or false.
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1.
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Before the great depression most economies were controlled by
governments.
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2.
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Great
Britian followed a market economy after WWII?
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3.
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Ludwig von Mises wrote “The Road to Serfdom.”
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4.
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Margaret Thatcher moved the British economy towards markets.
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5.
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Ronald Reagan followed socialist ideals.
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6.
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The
Civil Aeronautics Board regulates the airline industry today.
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7.
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“The Battle of Ideas” is the story of whether markets or governments will
control the commanding heights of an economy.
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8.
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Harvard University is known as the center of free market economics.
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Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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9.
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During the 20th century countries developed their economies around two opposite
ideas. They are: a. | markets and capitalisim | c. | central planning and communism | b. | markets and
central planning | d. | socialism and
communism | | | | |
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10.
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Which
of the following economist favored government control? a. | Frederick von
Hayek | c. | John Maynard
Keynes | b. | Ludwig von Mises | d. | Milton Friedman | | | | |
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11.
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Which
economist feared that government control would result in the loss of individual
freedom? a. | John Maynard
Keynes | c. | Frederick von
Hayek | b. | Thomas Attlee | d. | Karl Marx | | | | |
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12.
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Which
period was described as “the thirty glorious years?” a. | 1945-1975 | c. | 1930-1960 | b. | 1960-1990 | d. | 1970-2000 | | | | |
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13.
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Which
of the following is a principle of Reagonomics? a. | tax cuts | c. | deregulation of some industries | b. | decreased
government spending | d. | all the
above | | | | |
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14.
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Before the great depression most of the world’s economies were: a. | communist | c. | free
market | b. | socialist | d. | fascist | | | | |
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15.
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The
practice of the government selling off businesses and other assets to private
business. a. | Specialization | c. | Privatization | b. | Capitalization | d. | Socialization | | | | |
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16.
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Which
of the following is not considered a free market economist? a. | Frederick von
Hayek | c. | Milton
Friedman | b. | Ludwig von Mises | d. | John Maynard Keynes | | | | |
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17.
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What
happened after WWI when Germany printed large quantities of money to pay for the
war? a. | Unemployment | c. | Stagflation | b. | Hyperinflation | d. | Tight Monetary Policy | | | | |
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18.
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What
usually appears when wage and price controls are inacted? a. | blackmarkets
| c. | new
jobs | b. | inflation | d. | stagflation | | | | |
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19.
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The
major industries such as railroad, coal and steel are known as the: a. | commanding
heights | c. | globalization | b. | privatization | d. | socialism | | | | |
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20.
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Who
changed the thinking in Great Britian towards markets through speeches on college
campuses? a. | Thomas
Attlee | c. | John Maynard
Keynes | b. | Keith Joseph | d. | Margaret Thatcher | | | | |
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