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. When does the gold standard cease to exist?
(a) At the beginning of World War II.
(b) At the end of World War II.
(c) At the end of World War I.
(d) At the beginning of World War I.

2. How is man viewed in tribal European culture?
(a) As free of the whole.
(b) As part of the whole.
(c) As subjected to the will of the whole.
(d) As independent of the whole.

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

4. What is the name of the railroad company in California that holds a virtual monopoly?
(a) Western Pacific.
(b) Coastal Pacific.
(c) Central Pacific.
(d) Main Pacific.

5. Instead of reading the antitrust laws to decide if something is legal, people must read what?
(a) Supreme Court decisions.
(b) History.
(c) Case law.
(d) Delaware corporations code.

6. What thrives on free trade, according to the author?
(a) Capitalism.
(b) Parliamentary systems.
(c) Democracy.
(d) Liberty.

7. According to the author, statism is often linked to what other "ism"?
(a) Conservatism.
(b) Liberalism.
(c) Republicanism.
(d) Militarism.

8. The term "evils of monopoly" refers to a situation in which the monopolist is completely ______ of the market.
(a) Independent.
(b) Evasive.
(c) In control.
(d) Demanding.

9. What chapter does Nathaniel Branden write?
(a) "Antitrust."
(b) "Common Fallacies About Capitalism."
(c) "Common Truths About Capitalism."
(d) "Monopolies and Trade."

10. What is one of the keystones of capitalism?
(a) Logic.
(b) Philosophy.
(c) Thinking.
(d) Reason.

11. The government established by the Founding Fathers is based on theories that began with whom?
(a) Marx.
(b) Aristotle.
(c) Socrates.
(d) Plato.

12. Competition, according to the author, is regulated by what market?
(a) Growth market.
(b) Capital market.
(c) Stock market.
(d) Securities market.

13. What does Greenspan claim is the best protection for the consumer?
(a) The profits of businessmen.
(b) A controlled economy.
(c) Independent agencies.
(d) Government regulation.

14. How, according to the author, does the concept of private property come into existence?
(a) From Karl Marx.
(b) Through the Cultural Revolution.
(c) During feudalism.
(d) With capitalism.

15. Who is the author of the "Gold and Economic Freedom" chapter?
(a) Theodore Huffington.
(b) Richard Fullerton.
(c) Alan Greenspan.
(d) Marcus Bludger.

Short Answer Questions

1. The author says the Industrial Revolution would never occur under what?

2. Who are against war and the threat of nuclear weapons, according to the author?

3. The first labor laws aimed at children are enacted in what year?

4. What kind of rights, according to the author, is the American system of government based on?

5. What are the two most common metals used as a medium of exchange?

(see the answer keys)

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