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. The author believes that businessmen take the blame for what?
(a) Depressions.
(b) Recessions.
(c) Capitalism.
(d) Government actions.

2. The Aluminum Company of America holds a position as the only producer of what?
(a) Primary aluminum.
(b) Aluminum alloy.
(c) Tin-aluminum.
(d) Secondary aluminum.

3. What does the author believe is the basic tool of the bureaucrat?
(a) Fear.
(b) Immorality.
(c) Disrespect.
(d) Loathing.

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

5. In a free market, economic power is determined by what?
(a) Inflation.
(b) Surplus.
(c) Supply and demand.
(d) Price and wages.

6. What is one function of money?
(a) A means of accounting.
(b) A means of wealth.
(c) A means of saving.
(d) A means of processing.

7. What is one example, according to the author, of how property rights can be established?
(a) The Gold Rush Act.
(b) The Settlement Act.
(c) The Homestead Act.
(d) The Western Settlers Act.

8. The author believes that, in statism, businessmen are what?
(a) The scapegoats.
(b) The elite.
(c) The taxpayers.
(d) The politicians.

9. Railroads are built using government money, and what happens to many of them?
(a) They repay the investors.
(b) They go bankrupt.
(c) They prosper.
(d) They abuse their workers.

10. How does government regulation, according to the author, try to protect the consumer?
(a) Through quality control.
(b) Through elimination of competition.
(c) Through force and fear.
(d) Through patents and trademarks.

11. What does the author blame for crises and depressions in capitalism?
(a) Cyclical economies.
(b) Government interference.
(c) Allocation of resources.
(d) Bad choices.

12. According to Rand, capitalism is based on what?
(a) Open borders.
(b) Self-motivation.
(c) Government interference.
(d) Altruistic principles.

13. When there are _____ ______, firms with good reputations are treated exactly like firms with bad reputations.
(a) Customer services.
(b) Quality control.
(c) Market incentives.
(d) Government regulations.

14. The author compares statism to what kind of rule?
(a) Elitist rule.
(b) Dictator rule.
(c) Gang rule.
(d) Mob rule.

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

Short Answer Questions

1. The bloodiest conflicts in history have been _______ _______.

2. How many keystones are there to capitalism?

3. What is one of the negatives that political power uses?

4. What is the name that the nobility, and the king, use to describe people who are considered property?

5. Who does Algeria fight for independence?

(see the answer keys)

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