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1. When did the Great Depression take place?
a. 1919 through 1929
b. 1929 through the 1930s
c. 1939 through the 1940s
d. 1949 through the 1950s

2. Before the Great Depression, economists believed that
a. The government should not control inflation, boost production, and end unemployment.
b. The government should control inflation, boost production, and end unemployment.
c. The government should stay out of the affairs of businesses.
d. Both options A and C are correct.

3. What was established as a result of the Great Depression?
a. Social Security
b. The Federal Deposit Insurance Corporation
c. The Securities and Exchange Commission
d. All of the above

4. Inflation occurs when
a. Wages increase faster than prices.
b. Prices increase faster than wages.
c. The national debt increase more than revenue.
d. Taxes increase, but wages do not.

5. What causes economic problems?
a. Unemployment
b. Recession
c. Inflation
d. All of the above

6. What does the government do to help in an economic recession?
a. Increases the money supply by buying bonds back.
b. Lowers taxes.
c. Lowers the interest rate that banks must pay the Fed for their loans
d. All of the above.

7. What is the purpose of a labor union?
a. To improve working conditions and the wages of workers
b. To improve the profits of the owners of a company
c. To improve the economy
d. To improve education
8. In a closed shop, workers
a. Do not work for unions.
b. Must work for unions.
c. Must work for minimum wage.
d. None of the above.

9. Right to work laws state that
a. Everyone is entitled to a job.
b. All workplaces must require workers to be union members.
c. Workplaces cannot require workers to be union members.
d. Picketing workers must always be arrested.

10. In your own words, describe the function of a labor union.

11. When workers strike it can affect
a. Consumers.
b. Employers.
c. The economy.
d. All of the above

12. What is mediation?
a. Labor unions suggest solutions.
b. The employer suggest solutions.
c. Neither side will negotiate.
d. During a strike, an expert on relations between labor and management examines the problems and recommends solutions.

13. In President Franklin D. Roosevelt’s first inaugural address, he tried to encourage struggling Americans to believe in themselves during the Great Depression. He said, “This great national will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm believe that the only thing we have to fear is fear itself.” In your own words, write what you think President Roosevelt meant by that statement.

14. In your own words, please write a brief summary of the role of government in responding to economic challeng