|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. What is one example, according to the author, of how property rights can be established?
(a) The Gold Rush Act.
(b) The Homestead Act.
(c) The Settlement Act.
(d) The Western Settlers Act.
2. In a gold-standard system, gold will flow from a low-interest-rate country to where?
(a) The capital market.
(b) An expansionist economic country.
(c) A high-interest-rate country.
(d) A stable economic country.
3. Antitrust laws are written in the popular belief that if businesses were left free, what would result?
(a) Arbitrary power.
(b) Absolute power.
(c) Diminshed power.
(d) Excessive power.
4. Competition, according to the author, is regulated by what market?
(a) Stock market.
(b) Capital market.
(c) Growth market.
(d) Securities market.
5. The results of intellectual property may be ______, but the intellectual property itself may not be.
6. The author believes that, in statism, businessmen are what?
(a) The taxpayers.
(b) The politicians.
(c) The scapegoats.
(d) The elite.
7. When there is protection of the consumer by the government, it lessens the efforts of the firm to provide protection through ________.
8. According to Rand, capitalism is based on what?
(a) Altruistic principles.
(c) Open borders.
(d) Government interference.
9. How long do copyrights last in the United Kingdom?
(a) The life of the originator plus 50 years.
(b) The life of the originator plus 75 years.
(c) The life of the originator plus 100 years.
(d) The life of the originator plus 25 years.
10. According to the author, what is the cause of the Great Depression?
(c) Isolationist policies.
(d) Government intervention.
11. Branden says that public education is not a ______ _______ because it must be paid for.
(a) Free gift.
(b) Absolute right.
(c) Essential element.
(d) Mandatory requirement.
12. What does political economy study?
(a) How capital resources are used.
(b) How economic resources are used.
(c) How scarce resources are used.
(d) How all resources are used.
13. What is the result of railroad subsidies by the government?
(a) Well-done construction.
(b) Massive construction.
(c) Rapid construction.
(d) Substandard construction.
14. The author feels that the only way to make the industry responsive to the market is to make the airwaves what?
(b) Bought and sold.
(d) Private property.
15. When does the gold standard cease to exist?
(a) At the end of World War I.
(b) At the end of World War II.
(c) At the beginning of World War II.
(d) At the beginning of World War I.
Short Answer Questions
1. Railroads are built using government money, and what happens to many of them?
2. The government established by the Founding Fathers is based on theories that began with whom?
3. What does the author believe brought the world out of feudalism?
4. The author believes that as long as capital can flow freely, it will flow where?
5. The author believes that unions serve a valuable service because they do what?
This section contains 507 words
(approx. 2 pages at 300 words per page)