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This quiz consists of 5 multiple choice and 5 short answer questions through Notes on the History of American Free Enterprise.

Multiple Choice Questions

1. What is trade without any barriers known as?
(a) Limited trade.
(b) Free trade.
(c) Expansionist trade.
(d) Capitalist trade.

2. What is the result of railroad subsidies by the government?
(a) Well-done construction.
(b) Substandard construction.
(c) Massive construction.
(d) Rapid construction.

3. According to the author, what kind of governments use weapons against their own people?
(a) Dictatorships.
(b) Republics.
(c) Communists.
(d) Democracies.

4. What are the two most common metals used as a medium of exchange?
(a) Gold and tin.
(b) Gold and bronze.
(c) Gold and iron.
(d) Gold and silver.

5. What are ALCOA, General Electric and other companies said to be engaged in that cause them to be sued under the antitrust laws?
(a) Layoffs.
(b) Labor abuse.
(c) Price fixing.
(d) Mergers and acquisitions.

Short Answer Questions

1. The author believes that businessmen take the blame for what?

2. What is one function of money?

3. Which British civil servant says the U.S. antitrust laws cannot be understood?

4. How are the railroads subsidized?

5. According to classical economics, what is the basis of competition?

(see the answer key)

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