|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. Who does Algeria fight for independence?
2. The author believes that antitrust laws are a _______ ________________ of history.
(a) Failed experiement.
(b) Twisted understanding.
(c) Gross misinterpretation.
(d) Factual representation.
3. What do political economists assume that man is working for?
(a) The betterment of himelf.
(b) The betterment of his situation.
(c) The good of his family.
(d) The good of society.
4. The first labor laws aimed at children target those working as what?
(a) Factory help.
(c) Chimney sweeps.
(d) Cooks and servers.
5. Intellectual property may end up in the public _____ but it does not become public property.
6. 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.
7. When the investors realize they have a problem and they all try to get out of the market, what results?
(a) Panic buying.
(b) Panic selling.
(c) Pulling capital.
(d) Staying put.
8. According to Rand, capitalism is based on what?
(a) Open borders.
(b) Altruistic principles.
(c) Government interference.
9. What is the name of the theory that states that good is embodied in various actions regardless of benefits and consequences?
(a) The adherence theory.
(b) The intrinsic theory.
(c) The subjectivist theory.
(d) The implication theory.
10. 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 negotiate.
(d) The right to own property.
11. Who is the author of the antitrust chapter?
(a) Arnod Greenspan.
(b) Alan Greenspan.
(c) Arnold Greenspan.
(d) Alex Greenspan.
12. The Federal Reserve System was created when the government thought that what was happening?
(a) A recession.
(b) A shortage of bank reserves.
(c) A shortage of interest reserves.
(d) A depression.
13. The author says the Industrial Revolution would never occur under what?
(c) A restrained-trade economy.
(d) A planned economy.
14. The results of intellectual property may be ______, but the intellectual property itself may not be.
15. What is the first antitrust legislation?
(a) The Taft Act.
(b) The Humphry Act.
(c) The Trump Act.
(d) The Sherman Act.
Short Answer Questions
1. Who does the author say would earn more money than Einstein?
2. Who is J.J. Hill?
3. When there are _____ ______, firms with good reputations are treated exactly like firms with bad reputations.
4. Who is the author of the "Gold and Economic Freedom" chapter?
5. Railroads are built using government money, and what happens to many of them?
This section contains 425 words
(approx. 2 pages at 300 words per page)