|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. The author states that most wars are started by countries with what?
(a) Restricted economies.
(b) Fair trade.
(c) Restrained trade.
(d) Controlled economies.
2. What does the author blame for crises and depressions in capitalism?
(a) Bad choices.
(b) Government interference.
(c) Allocation of resources.
(d) Cyclical economies.
3. Who are against war and the threat of nuclear weapons, according to the author?
(a) Peace proponents.
(c) Entire populations.
4. Intellectual property may end up in the public _____ but it does not become public property.
5. The Federal Reserve System was created when the government thought that what was happening?
(a) A shortage of interest reserves.
(b) A shortage of bank reserves.
(c) A recession.
(d) A depression.
6. The results of intellectual property may be ______, but the intellectual property itself may not be.
7. A fear of _______ leads to the passage of the first antitrust laws.
8. What is the name that the nobility, and the king, use to describe people who are considered property?
9. What is the name of the theory that states that good is embodied in various actions regardless of benefits and consequences?
(a) The implication theory.
(b) The subjectivist theory.
(c) The intrinsic theory.
(d) The adherence theory.
10. The author believes that capitalism cannot function with what?
(b) Individual rights.
(c) Uneducated workers.
11. The existence of money promotes the division of what?
(b) Economic classes.
(d) Social classes.
12. What is the position held by the man who brings the airwaves under U.S. government control?
(a) Secretary of State.
(b) Secretary of Industry.
(c) Secretary of Commerce.
(d) Secretary of the Interior.
13. What does political economy study?
(a) How economic resources are used.
(b) How all resources are used.
(c) How capital resources are used.
(d) How scarce resources are used.
14. What helps pull the U.S. out of the Great Depression?
(a) An economic expansion.
(b) Free trade.
(c) The New Deal.
(d) World War II.
15. What does statism survive on, according to the author?
Short Answer Questions
1. The author feels that the only way to make the industry responsive to the market is to make the airwaves what?
2. Government regulations tend to be _______, meaning that they dictate a minimum standard of what cannot be done.
3. Antitrust laws are written in the popular belief that if businesses were left free, what would result?
4. What, according to the author, does the gold standard facilitate?
5. What is one of the keystones of capitalism?
This section contains 425 words
(approx. 2 pages at 300 words per page)