|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. In a free market, economic power is determined by what?
(a) Price and wages.
(d) Supply and demand.
2. What is the first antitrust legislation?
(a) The Taft Act.
(b) The Trump Act.
(c) The Humphry Act.
(d) The Sherman Act.
3. According to the author, what will cure economic problems quickest and best?
(a) The economy.
(c) Restrictions of trade.
4. The author believes that capitalism cannot function with what?
(a) Individual rights.
(d) Uneducated workers.
5. How is man viewed in tribal European culture?
(a) As part of the whole.
(b) As subjected to the will of the whole.
(c) As free of the whole.
(d) As independent of the whole.
6. The author says the Industrial Revolution would never occur under what?
(a) A restrained-trade economy.
(c) A planned economy.
7. How long do copyrights last in the United Kingdom?
(a) The life of the originator plus 75 years.
(b) The life of the originator plus 50 years.
(c) The life of the originator plus 25 years.
(d) The life of the originator plus 100 years.
8. What are ALCOA, General Electric and other companies said to be engaged in that cause them to be sued under the antitrust laws?
(b) Price fixing.
(c) Labor abuse.
(d) Mergers and acquisitions.
9. When there is protection of the consumer by the government, it lessens the efforts of the firm to provide protection through ________.
10. What is the abbreviation for the Aluminum Company of America?
11. Who is J.J. Hill?
(a) A developer.
(b) A businessman.
(c) A government official.
(d) A government regulator.
12. What do patents and copyright protect?
(a) Musical creations.
(b) Intellectual property.
(c) Scientific knowledge.
(d) Private property.
13. Money functions as a __________ in transactions.
(a) Easy standard.
(b) Similar currency.
(c) National linkage.
(d) Common denominator.
14. In a gold-standard system, gold will flow from a low-interest-rate country to where?
(a) A high-interest-rate country.
(b) An expansionist economic country.
(c) A stable economic country.
(d) The capital market.
15. How, according to the author, does the concept of private property come into existence?
(a) During feudalism.
(b) From Karl Marx.
(c) With capitalism.
(d) Through the Cultural Revolution.
Short Answer Questions
1. The author believes that antitrust laws are a _______ ________________ of history.
2. Patents apply to what?
3. Who does the author say would earn more money than Einstein?
4. Antitrust laws are written in the popular belief that if businesses were left free, what would result?
5. During the Industrial Revolution, where do many children find jobs?
This section contains 412 words
(approx. 2 pages at 300 words per page)