Capitalism, the Unknown Ideal Quiz | Four Week Quiz A

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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. According to classical economics, what is the basis of competition?
(a) Producing and selling for profit.
(b) Producing and selling in a down market.
(c) Producing and selling in a regulated system.
(d) Producing and selling as much as possible.

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

3. What is the first antitrust legislation?
(a) The Taft Act.
(b) The Sherman Act.
(c) The Trump Act.
(d) The Humphry Act.

4. Antitrust laws are written in the popular belief that if businesses were left free, what would result?
(a) Absolute power.
(b) Excessive power.
(c) Diminshed power.
(d) Arbitrary power.

5. What is the name of the railroad company in California that holds a virtual monopoly?
(a) Main Pacific.
(b) Central Pacific.
(c) Coastal Pacific.
(d) Western Pacific.

Short Answer Questions

1. The most successful railroads, according to the author, do what?

2. Instead of reading the antitrust laws to decide if something is legal, people must read what?

3. The bloodiest conflicts in history have been _______ _______.

4. What subject does Stewart Holbrook write about?

5. What is the goal of the creation of the Federal Reserve System?

(see the answer key)

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