|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. How many keystones are there to capitalism?
(a) Six .
2. What does the author blame for crises and depressions in capitalism?
(a) Allocation of resources.
(b) Bad choices.
(c) Government interference.
(d) Cyclical economies.
3. What does Greenspan claim is the best protection for the consumer?
(a) The profits of businessmen.
(b) Government regulation.
(c) Independent agencies.
(d) A controlled economy.
4. The power of the railroads, according to the author, comes from where?
(a) The subsidies.
(b) The economy.
(c) The market.
(d) The government.
5. What does statism survive on, according to the author?
6. What is the name that the nobility, and the king, use to describe people who are considered property?
7. What is one example, according to the author, of how property rights can be established?
(a) The Homestead Act.
(b) The Settlement Act.
(c) The Western Settlers Act.
(d) The Gold Rush Act.
8. The most successful railroads, according to the author, do what?
(a) Allow the government to completely fund the projects.
(b) Take a lot of financial aid from the government.
(c) Never receive financial aid from the government.
(d) Repay their financial aid from the government.
9. What, according to the author, does the gold standard facilitate?
(a) Production and sales.
(b) Trade and production.
(c) Trade and growth.
(d) Growth and sales.
10. One cost of union negotiated wages, according to the author, is what?
(b) Mobility of employment.
(c) Full employment.
(d) Investment in employment.
11. The first labor laws aimed at children target those working as what?
(a) Chimney sweeps.
(b) Factory help.
(c) Cooks and servers.
12. Branden says that public education is not a ______ _______ because it must be paid for.
(a) Mandatory requirement.
(b) Essential element.
(c) Free gift.
(d) Absolute right.
13. What does the author believe brought the world out of feudalism?
(a) Free trade.
(b) The Industrial Revolution.
(d) Limited trade.
14. What right does the government have that a private organization does not?
(a) The right to sue.
(b) The right to use force.
(c) The right to own property.
(d) The right to negotiate.
15. According to the author, what will cure economic problems quickest and best?
(b) Restrictions of trade.
(c) The economy.
Short Answer Questions
1. The bloodiest conflicts in history have been _______ _______.
2. How does government regulation, according to the author, try to protect the consumer?
3. What do political economists assume that man is working for?
4. During the Industrial Revolution, how do women earn income?
5. Who is the author of this book?
This section contains 439 words
(approx. 2 pages at 300 words per page)