Capitalism, the Unknown Ideal Quiz | Eight Week Quiz C

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This quiz consists of 5 multiple choice and 5 short answer questions through The Assault on Integrity.

Multiple Choice Questions

1. What is the goal of the creation of the Federal Reserve System?
(a) To ease temporary reserve shortages.
(b) To limit the amount of currency in circulation.
(c) To create a spending account for the military.
(d) To create a national savings account.

2. What does the author blame for crises and depressions in capitalism?
(a) Allocation of resources.
(b) Bad choices.
(c) Cyclical economies.
(d) Government interference.

3. How does government regulation, according to the author, try to protect the consumer?
(a) Through force and fear.
(b) Through patents and trademarks.
(c) Through quality control.
(d) Through elimination of competition.

4. What does statism survive on, according to the author?
(a) Trade.
(b) War.
(c) Expansion.
(d) Peace.

5. When there are _____ ______, firms with good reputations are treated exactly like firms with bad reputations.
(a) Government regulations.
(b) Quality control.
(c) Customer services.
(d) Market incentives.

Short Answer Questions

1. What is the name that the nobility, and the king, use to describe people who are considered property?

2. Competition, according to the author, is regulated by what market?

3. What is the name of the railroad company in California that holds a virtual monopoly?

4. The first labor laws aimed at children are enacted in what year?

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

(see the answer key)

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