QUESTION 1

Many economists warn that our current economic situation can lead to stagflation, which was last experienced by the US economy in the 1970's. What is stagflation?

	A.	Low growth and high inflation
	B.	High growth and low inflation
	C.	Low growth and low inflation
	D.	High growth and high inflation

QUESTION 2

Which period of US economic history had the most laissez-faire or unregulated economic system?

	A.	19th century
	B.	Early 21st century
	C.	20th century
	D.	Colonial period

QUESTION 3

Which of the following government actions initially led the US economy away from its laissez-faire origins?

	A.	GI Bill of the 1940's
	B.	Deregulation of the late 1970's and early 1980's
	C.	New Deal of the 1930's
	D.	Great Society of the 1960's

QUESTION 4

Which economic policy did the British use to manage the American economy during the colonial period?

	A.	Mercantilism
	B.	Planned socialism
	C.	Market socialism
	D.	Laissez-faire economics

QUESTION 5

the US ranks high under most consumption measures but relatively low in which category of living standards?

	A.	Education
	B.	Entertainment
	C.	Services for elderly residents
	D.	Health and medical outcomes