|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. How long do copyrights last in the United Kingdom?
(a) The life of the originator plus 100 years.
(b) The life of the originator plus 25 years.
(c) The life of the originator plus 75 years.
(d) The life of the originator plus 50 years.
2. What are the two most common metals used as a medium of exchange?
(a) Gold and silver.
(b) Gold and iron.
(c) Gold and tin.
(d) Gold and bronze.
3. When there is protection of the consumer by the government, it lessens the efforts of the firm to provide protection through ________.
4. Antitrust laws are written in the popular belief that if businesses were left free, what would result?
(a) Excessive power.
(b) Diminshed power.
(c) Absolute power.
(d) Arbitrary power.
5. The author believes that capitalism cannot function with what?
(a) Uneducated workers.
(c) Individual rights.
6. The government established by the Founding Fathers is based on theories that began with whom?
7. What do political economists assume that man is working for?
(a) The good of his family.
(b) The good of society.
(c) The betterment of himelf.
(d) The betterment of his situation.
8. How does the author think the U.S. government does with creating property rights in airwaves?
(a) The author feels the government succeeds.
(b) The author feels the government does a good job.
(c) The author feels the government fails.
(d) The author feels the government needs to modify its approach.
9. What does the term "evils of monopoly" refer to?
(a) Coercive monopoly.
(b) Corrosive monopoly.
(c) Coevasive monopoly.
(d) Corrupt monopoly.
10. The term "evils of monopoly" refers to a situation in which the monopolist is completely ______ of the market.
(c) In control.
11. What does Greenspan claim is the best protection for the consumer?
(a) A controlled economy.
(b) The profits of businessmen.
(c) Independent agencies.
(d) Government regulation.
12. When there are _____ ______, firms with good reputations are treated exactly like firms with bad reputations.
(a) Customer services.
(b) Government regulations.
(c) Market incentives.
(d) Quality control.
13. The presence of regulation may make it harder to do what?
(a) Announce ethical behavior.
(b) Reward ethical behavior.
(c) Hide unethical behavior.
(d) Uncover unethical behavior.
14. Who writes the chapter entitled "The Effects of the industrial Revolution on Women and Children"?
(a) Robert Fulgrough.
(b) Robert Hessen.
(c) Robert Gallegar.
(d) Robert Lackser.
15. What does political economy study?
(a) How scarce resources are used.
(b) How all resources are used.
(c) How capital resources are used.
(d) How economic resources are used.
Short Answer Questions
1. When the investors realize they have a problem and they all try to get out of the market, what results?
2. What is the name of the theory that states that good is embodied in various actions regardless of benefits and consequences?
3. Intellectual property may end up in the public _____ but it does not become public property.
4. To function as a medium of exchange, an item must be durable and what?
5. The author states that most wars are started by countries with what?
This section contains 495 words
(approx. 2 pages at 300 words per page)