Capitalism, the Unknown Ideal Test | Mid-Book Test - Easy

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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

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

2. What is the name of the theory that states that good is embodied in various actions regardless of benefits and consequences?
(a) The intrinsic theory.
(b) The implication theory.
(c) The adherence theory.
(d) The subjectivist theory.

3. 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.

4. The author believes that antitrust laws are a _______ ________________ of history.
(a) Failed experiement.
(b) Gross misinterpretation.
(c) Factual representation.
(d) Twisted understanding.

5. During the Industrial Revolution, how do women earn income?
(a) By working from home.
(b) In the factories.
(c) In the streets.
(d) In the brothels.

6. Who brings the airwaves under U.S. government control?
(a) FDR.
(b) Grossman.
(c) Herbert Hoover.
(d) Eisenhower.

7. What does Greenspan claim is the best protection for the consumer?
(a) The profits of businessmen.
(b) Government regulation.
(c) A controlled economy.
(d) Independent agencies.

8. The author believes that licensing the airwaves leads to what?
(a) Censorship.
(b) Protection of the consumer.
(c) Protection of the airwaves.
(d) Free speech.

9. The existence of money promotes the division of what?
(a) Specialties.
(b) Labor.
(c) Economic classes.
(d) Social classes.

10. Instead of reading the antitrust laws to decide if something is legal, people must read what?
(a) Supreme Court decisions.
(b) Delaware corporations code.
(c) Case law.
(d) History.

11. When there is protection of the consumer by the government, it lessens the efforts of the firm to provide protection through ________.
(a) Sales.
(b) Demand.
(c) Incentive.
(d) Reputation.

12. According to Rand, what must the individual be willing to do in a capitalist society?
(a) Sacrifice for money.
(b) Sacrifice for the government.
(c) Sacrifice for the common good.
(d) Sacrifice for monopolies.

13. When the investors realize they have a problem and they all try to get out of the market, what results?
(a) Pulling capital.
(b) Panic selling.
(c) Staying put.
(d) Panic buying.

14. The author believes that unions serve a valuable service because they do what?
(a) Raise the cost of production.
(b) Prevent the employer from firing the worker.
(c) Raise the benefits to the worker.
(d) Represent the worker to the employer.

15. What does the author believe brought the world out of feudalism?
(a) Statism.
(b) Limited trade.
(c) The Industrial Revolution.
(d) Free trade.

Short Answer Questions

1. The power of the railroads, according to the author, comes from where?

2. Branden says that public education is not a ______ _______ because it must be paid for.

3. How is man viewed in tribal European culture?

4. What is one function of money?

5. What is the position held by the man who brings the airwaves under U.S. government control?

(see the answer keys)

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